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Budget roars back into surplus
Hopes of a Budget surplus have soared after Treasury reported the books were in the black by more than $1 billion at the end of May. With just one month of the financial year to run it suggests the Government's election promise of a return to surplus in 2014-15 will be met - ironically only weeks after it officially abandoned the target. The 11 month operating surplus excluding gains and losses (Obegal) was $1.176b against a forecast $193m surplus in the May 21 Budget. The final outcome for the year will not be known until the full Crown accounts are published in October. Treasury said the result reflected higher ... (full story)