MYEFOMid Year Economic and Fiscal Outlook
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Fitch expects the deficit to shrink at a slower pace than forecast in the MYEFO, largely owing to our less upbeat forecasts for real GDP growth and commodity prices.
PEFO), while others are short term in nature (MYEFO), while still others are very long-term by design (IR).
Since Tony Abbott's first budget as Prime Minister in 2014 and continuing with Malcolm Turnbull's mid-term budget (MYEFO) late last year the assault on public health funding has been relentless and massive:
Because the MYEFO incorporates the new policy proposals for further significant tax cuts, its estimates for the Budget surplus outlook are commensurately constrained.
At the time of the 2002-03 Mid-Year Economic and Fiscal Outlook (MYEFO) estimates in November 2002, the growth outlook was revised downwards for 2002-03 (to 3 per cent from 3 3/4 at the May 2002-03 Budget time), largely because of the expected impact of the drought on the economy.
The underlying cash deficit for 2016-17 is projected at AUD37.1bn, or 2.2% of GDP, slightly wider (0.2% of GDP) than the AUD33.7bn in the MYEFO. The government projects the underlying cash deficit to narrow to 0.3% in 2019-20, no change to the MYEFO.
In the Mid-Year Economic and Fiscal Outlook (MYEFO), released in November 2000, the government revised upwards its estimate of the Commonwealth Budget surplus for 2000-01 - largely reflecting the impact of expected stronger economic and employment growth on revenues, as well as one-off factors boosting GST revenue.
Also more generally the MYEFO had a forecast oil price of USD 40 per barrel - so this implies a weaker indirect tax take.
Minister for Small and Family Business, Skills and Vocational Education, Senator Michaelia Cash said todays MYEFO statement along with the independent Expert Review of the VET system, underlines the Governments strong commitment to the delivery of quality skills and training.
MYEFO is a strong demonstration that the Liberal and National Party Government and their economic plan is working.
The Government has also agreed to adopt a Labor pre-election savings measure and as such will no longer proceed with the 2015-16 MYEFO measure that provided an additional payment of Family Tax Benefit B to families of children under one year of age.
Since MYEFO 201314, we have implemented measures to improve the budget bottom line which has reduced projected debt by $55 billion, however our debt still stands at $430 billion.