MYEFO is out and the inevitable downgrades are upon us:
The underlying cash balance is expected to improve from broad balance in 2018-19 to a surplus of $5.0 billion in 2019-20 (0.3 per cent of GDP). Underlying cash surpluses are expected to continue over the remaining years of the forward estimates. Over the four years from 2019-20, the cumulative underlying cash surplus is expected to be $23.5 billion.
The Government continues to take a disciplined approach to prioritising new spending.
