"The improvements in the fiscal outlook rest on a continuation of the healthy economic momentum we have seen over the past year. Should the economy perform as projected by Treasury in the Mid-Year Economic and Fiscal Outlook (MYEFO) over the out-years, we will see Australia's record run without a recession extend beyond the thirty-year mark.
"The Government's MYEFO reconfirmed the 2018/19 Budget's expectation of a return to surplus in the 2019-20 year with the projected Underlining Cash Balance of $4.9 billion, more than double the $2.2 billion predicted in May. The path of debt reduction over coming years was also ahead of expectations – an outcome that would hasten the reconstruction of the fiscal buffer that could be called on in the event of a sharp downturn," Mr Willox said.
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