The failure to correctly forecast income tax receipts over the past six months indicates that looking ahead five years may not be an exact science.
Federal budgets are where predictions go to die, so treat this year’s fall economic statement with the skepticism it deserves.
The fiscal update reveals that revenues were $40 billion higher than were projected in the April budget — less than six months ago. It also suggests that the budget will be back in surplus in the 2027-28 fiscal year.
