The federal budget deficit has increased to $37.4 billion due to the falling iron ore price and lower predictions for economic growth. Main points Deficit: $37.4b in 2015-16, $33.7b in 2016-17, $23.0b in 2017-18, $14.2b in 2018-19 Iron ore price: Revised down from US $48 per tonne to US $39 per tonne GDP: Downgraded to 2.5 per cent, growing to 2.75 per cent in 2016-17 The Government has released the Mid-Year Economic and Fiscal Outlook (MYEFO), showing a $2.3 billion deterioration in the forecast deficit for 2015-16 since the budget in May. Savings $704m over 3 years by cracking down on welfare compliance $639m over ... (full story)