Federal Treasurer Jim Chalmers says he has let most of the money from higher commodity prices and low unemployment 'flow through' to the bottom line ahead of unveiling tomorrow's budget.
abc.net.au/news/federal-budget-tax-windfall-mostly-pocketed-to-wipe-out-deficit/101446908The federal treasurer has banked a boon to the government's coffers from higher commodity prices and more people paying tax, as the government readies to unveil what could be the first surplus budget in 15 years.A surplus budget has not been delivered since the global financial crisis
Treasurer Jim Chalmers said upward revisions to the budget have been saved to close the hole in the budget. Net debt has risen from about 15 per cent of gross domestic product to about a third in the past decade, according to the Australian Bureau of Statistics. The previous Coalition government announced in 2019 the budget was forecast to be "back in the black" within its term, but that ambition was abandoned in the face of the COVID-19 pandemic.
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