Australia's budget deficit slashed, with surplus forecast for next year

From abc.net.au

A surge in mining industry profits and tax revenue have boosted Commonwealth coffers and allowed the Federal Government to forecast a bigger-than-expected surplus next year. The Government has received $8.3 billion more than it expected in the first half of this financial year, thanks largely to greater collections of individual and company taxes. It now expects to deliver a $4.1 billion surplus in 2019-20. The Government Mid-Year Economic and Fiscal Outlook (MYEFO) projects wage growth below forecasts from the May budget. The forecasted deficit for this year has been cut from $14.5 billion to $5.2 billion. Exports ... (full story)