The strength of the post-pandemic economic recovery will bring a $30 billion improvement to the budget bottom line this year, but whoever wins the federal election in May will face 15 years of deficits and the need to find savings of $40 billion a year in the next few years.
The surge in global commodity prices including iron ore, coal and gas will add about $45 billion in additional revenue, supporting an $87.6 billion improvement over the four-year forward estimates.
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Ronald Mizen reports on politics, economics, business and the law, with a focus on corporate regulators, lobbyists and investigations from Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
