AUSTRALIA REPORTS SECOND CONSECUTIVE BUDGET SURPLUS FOR FIRST TIME IN 15 YEARS
CANBERRA, SEPT 30 (Bernama-Xinhua) -- The Australian government has announced its second consecutive budget surplus, marking the first time in 15 years that the country has achieved this financial milestone, reported Xinhua.
Treasurer Jim Chalmers and Katy Gallagher, the minister for finance, on Monday released the Final Budget Outcome for the financial year 2023-24, which ended on June 30, revealing a final cash surplus of A$15.8 billion (US$10.9 billion).
It follows a surplus of A$22.1 billion (US$15.3 billion) in 2022-23, marking the first consecutive surpluses since 2007-08.
"In dollar terms, these are the biggest back-to-back surpluses on record," Chalmers and Gallagher said in a joint statement.
"Our back-to-back surpluses are helping in the fight against inflation."
The federal budget for 2024-25, which Chalmers handed down in May, projected a 2023-24 surplus of A$9.3 billion (U$6.4 billion).
Chalmers and Gallagher attributed the improvement to lower-than-expected government spending.
Government payments were A$10.2 billion (US$7.06 billion) lower than forecast in 2023-24, they said, which was partially offset by tax receipts coming in A$5.3 billion (US$3.6 billion) lower than expected.
Payments as a share of gross domestic product (GDP) were 25.2 per cent in 2023-24 compared to the 27.1 per cent previously forecast.
May's budget forecast a budget deficit of A$28.3 billion (US$19.6 billion) for the 2024-25 financial year.
--BERNAMA-XINHUA
