Australian Govt forecasts return to budget surplus in 2019/20 after 12 years in deficit

The Australian government announces its federal budget for 2019-20, with the key forecasts noted below.

Forecasts budget surplus of AUD 7.1 billion in 2019-20.

Forecasts budget surplus of AUD 11 billion in 2020-21.

Sees GDP growth at 2.75% in 2019-20, 2.75% through 2021-22.

Sees CPI at 2.25% in 2019-20, 2.50% in 2020-21.

Proposes AUD 158 billion in tax cuts.