Australia’s budget deficit for the 2008-09 financial year was $27.1 billion, around $5 billion lower than anticipated, Treasurer Wayne Swan said today.
Swan said the effects of the government’s economic stimulus package, as well as various one-off gains, contributed to the disparity.
Spending was $2.2 billion lower than the projections issued during the 2009-10 budget, while the bottom line was boosted by an extra $2.8 billion, primarily from stronger than expected company income tax receipts.
Australia has also decreased its net debt to $16.1 billion, which is $11.5 billion better than originally forecast, Swan said.
But he warned that the effects of the global recession will be felt on Australia for some time still to come, causing an ongoing drain to the budget and further increases in unemployment.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.