The midyear budget statement at a glance

GROWTH is down, the deficit is up and the return to surplus has been pushed back. Here’s everything you need to know about today’s Mid Year Economic and Fiscal Outlook statement.

Treasurer Scott Morrison during a media conference to announce the Federal mid-year budget review. Tuesday, Dec. 15, 2015. (AAP Image/Aaron Bunch) NO ARCHIIVNG

TREASURER Scott Morrison has announced new savings in the Mid Year Economic and Fiscal Outlook including a crackdown on welfare payments, health cuts and tougher means testing for childcare.

Here’s what the MYEFO statement means at a glance.

• The deficit is up 6.5 per cent from $35.1b to $37.4b

• The projected return to surplus has been delayed one year from 2019-20 to 2020-21

• Growth projections have been lowered by 0.25 per cent from 2.75 per cent to 2.5 per cent.

• Net debt is projected to peak at 18.5 per cent of GDP in 2017-18, up from 18 per cent in 2016-17

• Iron ore forecast lowered to $US39 compared to $US40

• Revenues written down by $33.8b

• Business investment down 6.3 per cent

• New savings measures, adding $400m to the bottom line, total $10.6b

• Measures include $650.4 million over four years by removing bulk-billing incentives for pathology.

• Tougher means testing of child care payments saving $441 million over four years.

• Crackdown on welfare payments using data matching worth nearly $2b

• New spending measures, totalling $10.2b, include $1.1bn on roads, resettling 12,000 Syrian refugees ($909m), and new medicines on the Pharmaceutical Benefits Scheme ($621m)

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