THE Federal Government is now
forecasting a $3.1 billion Budget surplus in three years' time, larger
than the $1 billion anticipated in the May Budget.
Treasurer
Wayne Swan released an economic statement today, revising forecasts and
the nation's Budget position during the next four years, possibly just
days before an election is called by Prime Minister Julia Gillard.
Mr
Swan said the update showed a modest improvement in the projected
surplus, as well as dramatically lower debt than any other major
advanced economy.
"These strong results come despite increased
uncertainty around the global economic outlook arising from sovereign
debt issues in Europe in particular and an uneven global economic
recovery," he said.
He said finance ministers from other
countries often approached him at meetings to comment on how well the
Australian economy was doing.
