• The Federal Budget deficit stood at $54.8 billion in 2009/10 (4.2 per cent of GDP), an improvement of $2.3 billion on the estimate made just four months ago at the time of the May budget. GST receipts hit record highs in 2009/10, up 9.2 per cent on a year ago.

• The budget is clearly on track to surplus over the next 2-3 years through a combination of strong economic growth and discipline in restraining spending.

• Federal Treasury was again too conservative in its budget and economic forecasts. For the past six years, Treasury has under-estimated the budget position on average by $7 billion.

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