Finance Finance News Deficit for 2013/4 comes in at $42.2 billion

Deficit for 2013/4 comes in at $42.2 billion

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The federal budget deficit for 2013/14 has come in at $42.2 billion, up from $28 billion a year earlier.

The figure includes contributions from all government-controlled entities, such as Australia Post and the Reserve Bank.

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Without those contributions the deficit would have totalled $49.8 billion which means the government received about $7.6 billion from those entities.

Finance minister Mathias Corman said “the Government is working to repair the Budget as part of our plan to build a stronger, more prosperous economy where everyone can get ahead.”

The budget papers predict a deficit of $29.8 billion for the current financial year but this will be hard to reach as some $30 billion of the Abbott government’s budget savings measures are being blocked in the senate.

Updated figures for the 2014/15 year will be released next week.