It’s official, the Albanese government has delivered its second budget surplus in a row, the first time that’s been done in two decades.
The debate amongst economists and politicians will now turn to whether the extra cash should be spent.
Treasurer Jim Chalmers budget for the 2023 – 24 financial year was in the black by $15.8 billion, more than 6 billion dollars better than was forecast back in May.
Know the news with the 7NEWS app: Download today
The improvement since the Budget has been driven entirely by lower spending, with revenue also lower than forecast at the budget.
Chalmers has used the figures to take a shot at the Coalition.
‘It is the kind of responsible economic management would be unrecognisable to our predecessors,” Dr Chalmers said.
Some will now argue the extra 6 billion dollars banked, should be spent on cost-of-living relief for Australians.
Underlying inflation at 3.4 per cent is nearly back into the Reserve Bank’s target and the economy needs a kickstart – with extremely weak growth at the moment.
The Coalition will not be arguing that, with Shadow Treasurer Angus Taylor proposing nearly 90 billion dollars in cuts if the Liberals and Nationals win the next election.
The Treasurer and PM will brag about this budget surplus, with a press conference scheduled in parliament tomorrow.