Myefo 2023: Australia’s federal budget on track for wafer-thin $1.1bn deficit

Mid-year economic and fiscal outlook reveals $12.8bn improvement in budget bottom line due to strong labour market and commodity prices

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Australia’s federal budget is on track for a wafer-thin $1.1bn deficit this year, with a strong labour market and commodity prices fuelling expectations the eventual result will be a second Labor surplus.

The mid-year economic and fiscal outlook, released on Wednesday, revealed a $12.8bn improvement for the 2023-24 financial year compared with the May budget and a total of $39.5bn more in federal coffers over the four years to 2026-27.

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