The 2011‑12 Mid-Year Economic and Fiscal Outlook (MYEFO) released today forecasts solid economic growth, low debt and a return to surplus in 2012‑13, despite a significant deterioration in global conditions in recent months cutting $20 billion from Government revenues.
Although the turbulence in the global economy is having an impact on Australia and our budget bottom line, Australia remains in a stronger position than just about any other developed economy.
The Government’s strong and stable economic management means more people are in work and bringing home a weekly pay packet to families in the Inner West.
When you watch the news and see so many people out of jobs in Europe, it’s easy to forget just how bad it could have been if it weren’t for the Government’s fast response during the Global Financial Crisis.
During turbulent global times, the Gillard Labor Government has acted to keep people in jobs and keep the economy strong for low and middle-income families.
The turmoil in Europe has meant we’ve had to tighten our belts and defer some spending so that our public finances remain strong – but we’re confident we’ve struck the right balance.
The MYEFO is available at www.budget.gov.au