The federal budget for the financial year just ended is $48.5 billion, or about $30 billion more than the previous Labor government initially forecast.
Federal Treasurer Joe Hockey says the Final Budget Outcome (FBO) for the 2013-14 financial year is a budget report card on the previous Government’s irresponsible fiscal and economic management.
“The Government inherited a shambles of a Budget, a weakening economy and rising unemployment,” he says.
He says the FBO confirms Labor delivered six successive deficits totalling $240 billion with many more to come. Including 2013-14, Labor left the Government with future deficits of $123 billion.
According to the Final Budget Outcome, the Australian Government recorded an underlying cash deficit of $48.5 billion which is 3.1% gross domestic product (GDP).
Government revenue is continuing to slow.
Total revenue of $373.9 billion was $317 million lower than forecast at the time of the 2014-15 Budget.
But expenses of $413.8 billion were down $1.4 billion and net capital investment of $3.8 billion was $177 million lower than forecast.