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Australia’s Final Budget Outcome for 2017-18 is substantially better than expected, supporting last week’s S&P upgrade from a negative outlook to AAA/stable, according to research team at TD Securities.

Key Quotes

“The Budget Outcome was a deficit of -$A10.1b, a $19.3b improvement compared with the estimate in May 2018. Receipts rose by $13.4b and expenditure slipped by $6.9b.”