The federal budget is in its second year of surplus, but is poised to fall back into deficit for the next decade. Why and should we be worried?
But, as quickly as they arrived, those surpluses are forecast to disappear, from next financial year for as far as Treasury's estimates go, to the middle of next decade.Last financial year's $22.1 billion surplus and this year's $9.3 billion surplus are mainly due to "cyclical" factors.
It also explains why the surplus will disappear — it's because the federal government has a "structural deficit". But that relies largely on bracket creep to lift the tax take from 25.2 to 26.2 per cent of GDP over the next decade.
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