"A finance department report recently said the budget will not be balanced until the 2050s."  
That report also stated the assumptions behind that report: 1. the price of oil will move with the cost of living (even though oil price drives the cost of living and depends far more on the whim of OPEC leaders), 2. revenues and expenses are unchanged (those levels are fully at the control of the government) 3. any impact or benefit from the proposed Infrastructure Investment Bank are excluded (that institution has the potential to act as a significant multiplier for federal infrastructure investment dollars - yet the report totally ignores any benefit it might provide.)
A balanced budget may happen much sooner than 2050 if OPEC raises oil prices, the government reduces expenditures (e.g. eliminating ineffective tax credits) or increases revenues, and if the IIB attracts international money for infrastructure.