There are also signs the government could deliver a second windfall this financial year, but one economist claims the result is “despite our politicians”.
Treasurer Jim Chalmers will deliver Australia’s largest budget surplus, and the first since the introduction of the iPhone, off the back of strong commodity prices and high inflation, with signs the government could deliver a second windfall this financial year.
Treasurer Jim Chalmers, pictured on budget day earlier this year, will reveal a record surplus on Friday.“Our responsible budget management has not just delivered the first surplus in 15 years, it has also taken pressure off inflation, interest rates and the cost of living,” Chalmers said. “Despite the surplus for 2022-23, structural pressures are intensifying rather than easing on the budget, and these will take more than one year or one parliamentary term to address,” he said.
This financial year’s expected deficit of $13.9 billion could also turn into a surplus. When Chalmers delivered the 2023-24 budget in May, it assumed the price of iron ore would fall from $US117 a tonne to an estimated $US60 a tonne in March next year. This week, iron ore was still above $US120 a tonne.
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