Biggest surplus ever Chalmers announces $100 billion budget turnaround
The past financial year delivered a $22.1 billion budget surplus, Treasurer Jim Chalmers said.
The final budget confirmed the first surplus in the past 15 years, and in dollar terms, the biggest surplus ever, Chalmers said.
The surplus amounted to 0.9 per cent of Australia’s GDP.
Chalmers said that it was a $100 billion turnaround in a year.
“This is the biggest turnaround in history,” he said.
But he said the government would not be self-congratulatory about it.
The past financial year delivered a $22.1 billion budget surplus, Treasurer Jim Chalmers said.
The final budget confirmed the first surplus in the past 15 years, and in dollar terms, the biggest surplus ever, Chalmers said.
The surplus amounted to 0.9 per cent of Australia’s GDP.
Chalmers said that it was a $100 billion turnaround in a year.
“This is the biggest turnaround in history,” he said.
But he said the government would not be self-congratulatory about it.
“A surplus is not an end in itself, it’s a foundation from which we help people,” he said.
“The pressures on the budget into the future are intensifying rather than easing.
These pressures included the NDIS, health, aged care, defence and interest on national debt.
He said a deficit was anticipated this year.
Two big drivers of the improvement in the budget position were the strong labour market and commodity prices, Chalmers said.
He also said the government lowered gross debt by $87.2 billion, saving upwards of $12 billion in interest payments.
