John,

Today’s final Budget results for 2018-19, show the Budget returning to balance for the first time in eleven years. 
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The deficit was just $0.7 billion. And, this year, the Budget will return to surplus. 

One key reason for a stronger Budget is that more Australians are in jobs. 

Around 300,000 more jobs were created last financial year (more than 80% full time). 

The rate of working age Australians on welfare is at its lowest level in 30 years. 

A stronger Budget means we can afford to invest more in essential services. 

For example, last year: 

  • Health funding was $80.2 billion – up $19 billion since 2012-13. 
  • Schools funding was $20 billion – up $7 billion since 2012-13. 
  • Aged care investment was $19.8 billion – up $7 billion since 2012-13.
  • Spending on the NDIS more than doubled last year. 
A stronger Budget is also the reason we have been able to deliver tax relief for over 10 million workers and 3.4 million small businesses.

The Government’s economic plan is working. Our Budget will be back in the black this year.

This is in stark contrast to Labor, who have not delivered a Budget surplus since 1989!

Over 6 years, Labor racked up 6 record deficits, totalling $240 billion.

We will continue to deliver strong economic management, to benefit all Australians.

Regards,

Josh Frydenberg
Treasurer
 
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