Surging iron ore prices and historically low spending levels have helped crunch the deficit from $8 billion in March to just $115 million in May | ErykBagshaw
without Labor's support. Centre Alliance has formed a voting bloc with Tasmanian independent Jacqui Lambie, although she is yet to state her position on the tax cuts.Speaking after a party room meeting on Friday, Centre Alliance senator Rex Patrick said he was "pretty confident" a deal would be done.proposal to bring down energy prices and cap gas exports in exchange for their supportTreasurer Josh Frydenberg forecast a $7.1 billion surplus in 2019-20.
The combination is likely to see a small surplus come a year early. It will be the first time since 2007, the final year of John Howard's prime ministership. The Rudd-Gillard Labor governments borrowed to stimulate the economy out of the GFC, with the underlying cash balance deficit peaking at $54 billion, or 4.2 per cent of gross domestic product, in 2009-10."Neither is Mathias Cormann or Josh Frydenberg," he said.
The Prime Minister said two state funding agreements had been concluded with Victoria and Queensland, with the latter finalised in the past 24 hours. "I would say the reason the budget is in such a good position is because we have been creating a thousand jobs a day. People are actually paying taxes rather than receiving welfare payments and, no doubt, the assistance at the margin was commodity prices," he said.
"That is not something I will complain about, economic policies will support the budget and we will continue to put them in place."
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