Australian Federal Treasurer Josh Frydenberg, left, and Australian Finance Minister Mathias Cormann deliver the Final Budget Outcome. Picture: AAP
Australian Federal Treasurer Josh Frydenberg, left, and Australian Finance Minister Mathias Cormann deliver the Final Budget Outcome. Picture: AAP

Budget better off than expected

AUSTRALIA has narrowly missed out on a budget surplus this year but will be "back in the black" by 2020.

Treasurer Josh Frydenberg declared the Australian economy "is strong and ready for the challenges ahead" as he unveiled the final budget outcome today.

The budget is $13.8 billion better off than forecast in May, according to the figures.

The deficit has shrunk to $0.7 billion down from an estimated $4.2 billion earlier this year.

More jobs and stronger trade have boosted the total revenue by an extra $11.5 billion, while the government has saved $6.6 billion more than expected.

Australian Federal Treasurer Josh Frydenberg says the budget outcomes demonstrate the government’s economic plan is working. Picture: AAP
Australian Federal Treasurer Josh Frydenberg says the budget outcomes demonstrate the government’s economic plan is working. Picture: AAP


Employment has also grown more than expected with 300,000 jobs created over the year.

But net debt is $23.7 billion higher than forecast in May, bringing it to a total $373.6 billion.

"These outcomes demonstrate the government's economic plan is working and confirm the budget is back on track and will be back in the black for the 2019-20 year," Mr Frydenberg said.

"Importantly, Australia has completed its 28th consecutive year of economic growth, and maintains its triple A credit rating, with more than 1.4 million jobs created since we came to government."

Meanwhile, the latest jobs figures out today show unemployment rose by 0.1 per cent to 5.3 per cent in August.

More to come