Budget 2015: Hockey hints deficit will be below $40 billion

Budget 2015: Hockey hints deficit will be below $40 billion

Federal Treasurer Joe Hockey has confirmed the government is on track to deliver a budget surplus by 2019-20, as forecast in the mid-year economic fiscal outlook.

It comes as economists have predicted the budget deficit will blow out to 41 billion in the next year, more than double that forecast in last year’s budget.

But News Limited is reporting this morning jobs growth and a recovery in iron ore prices will see the deficit come in below that figure.

Speaking outside Parliament this morning Mr Hockey has refused to comment on the reports, but has hinted this may be the case.

“We are still on a credible trajectory back to surplus,” Mr Hockey told reporters this morning.

“We are still on a credible trajectory back to surplus,” – Joe Hockey, Treasurer

Changes to small business, millions to go towards border protection and terrorism resources

Meanwhile the federal government is expected to announce in tonight’s budget it will deliver tax cuts of more than 1.5 per cent for thousands of small businesses.

According to reports the multibillion dollar package will include accelerated depreciation of assets and new incentives for small businesses to hire people.

The definition of small business is also expected to be broadened to ensure the benefits are widespread.

The federal government will reportedly spend up to $400 million dollars on a new border enforcement agency as well, which is due to start operating by July 1 this year.

According to Fairfax, the new Australian Border Force agency will comprise of around 6,000 officers within a couple of years, with most to be armed.

They will oversea customs operations and detention facility operations, while also playing a role in the gathering of intelligence.

The federal government has also reportedly committed $450 million in the federal budget to fighting home grown terrorism.

According to the ABC, the bulk of the additional budget cash will help strengthen the capabilities of intelligence agencies, including updating IT systems.

The telecommunications industry will also get $131 million, so they can comply with new metadata laws, which require them to hold phone and internet records for two years.

It’s also been reported a further $22 million will be spent fighting terrorist propaganda.

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Amy Whittaker
Amy Whittaker 1402 posts

Amy joined the NRN team in August 2011, before graduating from a B of Arts (Communication-Journalism)/B of Sports Studies from Charles Sturt University in December 2011.

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