Wayne Swan has released the final Budget outcome for the last financial year and it’s a slight improvement from the May forecast. From the AFR:
The federal budget for the year ended June 30 delivered a slightly smaller deficit than forecast in May, paving the way for the government to deliver a surplus this year.
The final budget outcome for 2011-12 was a $43.7 billion deficit, better than the $44.4 billion predicted in May, Treasurer Wayne Swan and Finance Minister Penny Wong said in Canberra.
The improvement was due to $305 million lower cash payments and $356 million higher cash receipts.
Mr Swan said company tax was $876 million lower in 2011-12 and that there would be “further writedowns” in the mid-year economic and fiscal outlook (MYEFO).
Let’s not forget that this outcome was some $30 billion or so short of the mark.
But for any unAustralian that feels anything short of complete exuberance for the economy, here’s a slap in the face for ya:
