Senator the Hon Mathias Cormann

The budget is back in the black with the Morrison Government delivering the first budget surplus in more than a decade.

This year will see a surplus of $7.1 billion. A $55.5 billion turnaround from the deficit we inherited six years ago.

In 2020-21, a surplus of $11.0 billion.

In 2021-22, a surplus of $17.8 billion.

In 2022-23, a surplus of $9.2 billion.

A total of $45 billion of surpluses over the next four years.

Surpluses will continue to build toward one per cent of GDP within a decade.

Through disciplined budget management Australia is again well-positioned to respond to challenges both here and abroad.

A strong economy means we can deliver lower taxes, guarantee essential services, invest in congestion-busting infrastructure and keep Australians safe and secure.

And with the budget moving into surplus, it means the Government is strengthening its commitment to pay down debt.

The Government is reducing debt, not through higher taxes, but by good budget management and growing the economy.

By paying down debt, the Government will put the nation’s finances on a more sustainable footing and reduce the burden on future generations. Net debt is projected to be eliminated by 2029-30.

Reducing debt will ensure that the next generation does not pick up the tab for the last.

In delivering a surplus budget, the Government’s economic plan is giving Australians more opportunities, and creating a stronger economy.