Budget deficit narrows on back of surging personal income tax


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The failure of a dam by Brazilian iron ore giant Vale, which killed at least 110 people with another 238 people missing, has seen a spike in iron ore to almost $US80 a tonne that will deliver extra revenue to Canberra’s coffers.


Treasurer Josh Frydenberg forecast in December that this year’s budget would show a deficit of $5.2 billion and then the nation’s first surplus in a decade, for 2019-20, will have extra cash to woo voters come April.


While the deficit narrows, debt continues to grow with another $400 million borrowed on Friday morning, taking the total to a record $540.8 billion.


Shadow finance spokesman Jim Chalmers said the lift in gross debt was partly due to the government continuing expensive tax concessions, such as refundable tax credits, and its decision to lift taxpayer-funded advertising.


Shadow finance minister Jim Chalmers says gross government debt has now hit a record $540.8 billion

Shadow finance minister Jim Chalmers says gross government debt has now hit a record $540.8 billionCredit:Alex Ellinghausen


Article source: https://hollywoodlife.com/2018/12/20/beyonce-twins-sir-rumi-carter-india-pics-vacation-wedding/

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