The economic and fiscal outlook is broadly unchanged since the 2016-17 Budget. There remain, as outlined in the Budget, significant domestic and global downside risks that will need to be carefully managed.
An underlying cash deficit of $37.1 billion (2.2 per cent of GDP) is expected in 2016-17, improving to a deficit of $5.9 billion (0.3 per cent of GDP) in 2019-20. Table 1 provides estimates and projections of the underlying cash and fiscal balances for the period from 2015-16 to 2019-20.
|Underlying cash balance ($b)(b)||-40.0||-37.1||-26.1||-15.4||-5.9||-84.6|
|Per cent of GDP||-2.4||-2.2||-1.4||-0.8||-0.3|
|Fiscal balance ($b)||-39.5||-37.1||-18.7||-9.8||-2.1||-67.7|
|Per cent of GDP||-2.4||-2.2||-1.0||-0.5||-0.1|
(a) Total is equal to the sum of amounts from 2016-17 to 2019-20.
(b) Excludes net Future Fund earnings.