CANBERRA, Sept. 19 (Xinhua) -- Australian Treasurer Josh Frydenberg revealed that the final budget outcome released on Thursday represented a return to balance for the first time in 11 years.
Frydenberg on Thursday released the Final Budget Outcome for 2018/19, revealing that the deficit for the 2018/19 financial year was 690 million Australian dollars (468.9 million U.S. dollars).
It represents the first time that the budget has returned to balance since 2007/08 and is an improvement from the 4.2 billion Australian dollars (2.85 billion U.S. dollars) deficit projected by the government in April.
The government has promised a budget surplus of 7.1 billion Australian dollars (4.8 billion U.S. dollars) for financial year 2019/20, the first surplus since 2007/08.
"The budget outcome for 2018/19 further demonstrates the government economic plan is working, creating more jobs and to ensure Australians get the essential services they rely on," Frydenberg said, according to The Australian.
He said employment grew by 2.6 percent, the equivalent of an extra 300,000 jobs, compared to the projected 1.5 percent.
As a result of the employment boost individual tax receipts were 5.7 billion Australian dollars (3.87 billion U.S. dollars) higher than projected in the 2018/19 budget forecast.