FISCAL MONITOR APRIL TO MAY 2013: A DISAPPOINTING START

For the first two months of fiscal year 2013-14, the federal government posted a deficit of $2.7 billion, up $0.9 billion from the same period in 2012-13.  In the March 2013 Budget, the deficit is expected to decline by $7.2 billion for the year as a whole. Although the current results are at odds with the expected decline for the year, at least five to six months of financial data are required before one can assess the expected decline for the fiscal year as a whole. 

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