Debt interest savings of $70bn to be offset by $100bn drop in mining exports as government prepares for first deficit of its term
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The treasurer will highlight a $200bn improvement to the federal budget’s position in a mid-year economic update while acknowledging “slippage” caused by global uncertainty and unavoidable spending.
Despite the $200bn improvement, Labor is tempering expectations on the state of the budget ahead of an anticipated deficit in Wednesday’s update off the back of two full-year budget surpluses in its first term.
