The 12-month underlying cash balance was in the red by just $1.9 billion in November after an $8.9 billion surplus was recorded over the month.
The result was driven by a $6.6 billion rise in government revenue.last month, with elevated global coal, natural gas and iron ore prices continuing to deliver strong national income.. He said the nation was “absolutely on track for a small surplus this calendar year”.“It doesn’t change the basic point the Treasurer is making, which is there are long-term budget challenges that need to be addressed,” he said.
Tax revenue collected so far in 2022-23 was $233 billion compared to a budget forecast of $227 billion, while expenses were largely as expected.conservative forecasts for commodity prices. Elevated prices for metallurgical coal – used in steel making – will add about $9 billion, while a small rebound in iron ore will add about $8.7 billion. High gas prices are only expected to add less than $1 billion over four years.
“The news on iron ore and coking coal isn’t quite as spectacular, but they too are expected to smash the Treasury projection.
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