Govt now sees budget surplus at $5bln

LATEST KEY FEDERAL BUDGET AND ECONOMIC FORECASTS:

BUDGET FORECASTS

* 2019/20 surplus $5 billion vs $7.1 billion at the April budget.

* 2020/21 surplus $6.1 billion vs $11.0 billion.

ECONOMIC FORECASTS

GDP

* 2019/20 2.25 per cent vs 2.75 per cent.

* 2020/21 2.75 per cent vs 2.75 per cent.

UNEMPLOYMENT

* 2019/20 5.25 per cent vs 5.0 per cent.

* 2020/21 5.25 per cent vs 5.0 per cent.

WAGE GROWTH

* 2019/20 2.5 per cent vs 2.75 per cent.

* 2020/21 2.5 per cent vs 3.25 per cent.

Source: MYEFO