A predicted deficit will get the headlines, but remember that budgets are about choices | Greg Jericho

The mid-year economic and fiscal outlook ( Myefo ) released on Wednesday showed a slight increase in the size of budget deficits over the next three years .

But no one should get too concerned it is all just changes in estimates.

The budget frequently gets things wrong, and even when the “error” is one of a smaller deficit (or bigger surplus) than expected, it tells us very little.

Last year the Myefo numbers were better than had been expected; this year the numbers are worse than expected.

The richest 10% of individuals in Australia benefit from paying around $50bn less tax.

So, the budget numbers suggest we are set for a deficit for the next decade .

That will get the headline, as will spending on the NDIS.

But always remember that budgets and their updates are about choices.