Budget watchdog forecasts federal deficit this year

Budget watchdog forecasts federal deficit this year

Budget watchdog forecasts federal deficit this year The federal government has been holding onto its forecast for a surplus in the 2015-16 budget but it’s looking increasingly unlikely. The price of oil has hit revenues hard and today the Office of the Parliamentary Budget Officer said it expected a small deficit even after the $3 billion contingency fund is factored in. Its figures assume an oil price of $48 a barrel; higher than current market values; but if there was to be a rise to $60 there could still be a surplus.