Treasurer Jim Chalmers will go close to delivering the first budget surplus since 2007-08. But at the same time, he will also have to reveal the country faces a per-capita recession in the coming year.
While the economy slows, inflation will remain high. The Reserve Bank on Friday forecast inflation for the coming financial year of 3.6 per cent after 6.3 per cent in 2022-23.will be positive for the first time since early 2021.
Anyone facing the rental market could rightly claim this surge of people is the culprit behind the huge jump in rents across the country. Without these migrants – mostly international students and backpackers – the economic outlook would be far worse. They will supply desperately needed labour while increasing demand for goods and services from the nation’s businesses.
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.
‘Too tempting’ for Chalmers to ‘resist’: Higher commodity prices could be nextJudo Bank Economic Advisor Warren Hogan says raising commodity prices will be “too tempting” for Treasurer Jim Chalmers to “resist” in the upcoming May budget. “Part of dealing with the structural budget deficit – you just revise up your long run assumption for iron ore from $55 to say … $65 (per tonne),” Mr Hogan told Sky News Australia. “That will deliver them billions in extra revenue in the forward projections, which will help improve the budget deficit. “So I think it will be too hard to resist and I think there’s some reality to it.”
Read more »
There’s a glint in his eye, but Chalmers won’t use the S wordJim Chalmers has a glint in his eye when he is asked about a budget surplus – and that’s because he is just about to forecast a stunning return to health in the nation’s finances.
Read more »
Why Jim Chalmers can afford to smileLabor is riding high as it prepares to deliver a budget surplus and a sizeable down payment on its priorities thanks to surging revenue. The Liberals are struggling to find safe ground.
Read more »
Federal budget: Labor to collect billions more in petroleum resource rent taxTreasurer Jim Chalmers and finance minister Katy Gallagher announce changes ahead of budget tipped to be at or near surplus
Read more »
Fossil fuel tax changes set to give $2.4 billion boost to federal budgetChanges to the petroleum resource rent tax will help to give Australians cost-of-living relief, Treasurer Jim Chalmers says.
Read more »
Treasurer’s interview slip hints at budget surpriseThe treasurer said the stronger outlook would include “upward revisions to surplus” before he corrected himself.
Read more »