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In media release No 2011/149, issued 29 November 2011, the Treasurer, Wayne Swan, commented on the Mid-Year Economic and Fiscal Outlook 2011-12 (MYEFO).

Mr Swan said:

"The recent instability in the global economy has had obvious consequences for revenue, with forecast tax receipts written down by more than $20 billion over the forward estimates. Lower tax receipts and higher payments – including advance payments to Queensland to support natural disaster recovery and significant assistance provided to households and businesses as part of the Clean Energy Future package – have led to a larger forecast deficit of $37.1 billion for 2011-12, returning to a small surplus of $1.5 billion in 2012-13."


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