The Labor government has broken its earlier forecasts for a budget surplus. But the Treasurer says deficits are expected in coming years.
Treasurer Jim Chalmers has revealed an underlying cash balance of $22.1 billion - which is almost 1 per cent of Australia's G-D-P."Now this surplus is a consequence of spending restraint, banking upward revisions in revenue, and also finding substantial savings in the budget. Now this is not the first time that a government has received a substantial improvement in revenue.
The result is a turnaround from the almost 80 billion dollar deficit forecast before the last election. But economist Chris Richardson says Labor may be less responsible for the windfall than they'd like to think. "It is great news, but it's not due to the decisions of any politician, basically. Two things. Inflation takes money from families, gives it to governments, that's happening. The other is, the world is paying us a bunch for stuff we sell, things like iron ore.""This is evidence of our responsible economic management which is getting the budget in much better nick, at the same time as we roll out billions of dollars in cost-of-living relief.
Still, economists believe there's a reasonable chance this good news for the budget bottom line can continue."Now one of the reasons you won't see us flogging 'back in black' mugs, or doing all the sorts of self-congratulation you saw from our predecessors, is because we understand a couple of important things.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Treasurer announces Labor’s first surplus in over 30 years at $22.1bTreasurer Jim Chalmers has announced Labor’s first surplus in over 30 years at $22.1 billion. Mr Chalmers said surplus isn’t an “end in itself” but a foundation for investing in the future. “This surplus is a consequence of spending restraint, banking upward revisions in revenue and also finding substantial savings in the budget,” Mr Chalmers said during a media conference on Friday. “Now this is not the first time that a government has received a substantial improvement in revenue. “But what is different this time, is instead of spending most of that, which our predecessors did, we have banked almost all of it and that has made the difference.”
Read more »
Labor came to the election with a ‘very clear plan’ around energyFormer Labor advisor Eamonn Fitzpatrick says the Labor government came to the election with a “very clear plan” around renewable energy. Mr Fitzpatrick’s comments come after concerns were raised about climate and the government’s push for net zero by focusing on renewable energy instead of nuclear. “Labor came to the election with a very, very clear plan,” Mr Fitzpatrick told Sky News Australia. “Surely you owe it to the electorate, and you owe it yourself to put your plan in place first – which is exactly what they are doing. “No one ever spoke nuclear back then – the cost is a huge unknown. “There is a plan in place now that is underway, we are looking at renewables and getting as much of that shipped on the way as possible.”
Read more »
Labor to entice foreign workers with migration overhaulThe government is planning to ramp up immigration with the biggest overhaul of Australia’s migration system in almost three decades.
Read more »
Labor urged to include news outlets in social media crackdown to curb ‘dangerous’ misinformationExclusive: Greens and independents say the exemption in disinformation bill will allow falsehoods to spread
Read more »
In focusing on the Voice, Labor has lost its hard-won lead on the economyLabor is stranded. Its campaign for the Voice has been confused and weak. Meanwhile, it has gradually lost voter confidence on its handling of living costs.
Read more »
In focusing on the Voice, Labor has lost its hard-won lead on the economyLabor is stranded. Its campaign for the Voice has been confused and weak. Meanwhile, it has gradually lost voter confidence on its handling of living costs.
Read more »