Australia Has World’s Second Highest Budget Balance, According to IMF

Australia had the second strongest budget balance as a share of gross domestic product among G20 countries last year, something the Albanese government attributes to a “responsible approach” to budget management. Australia’s overall budget balance, which combines the fiscal positions of both the Commonwealth and state governments came in at -0.9 percent of GDP in 2023, only bettered by Canada’s budget position of -0.6 percent. Up from 14th equal position in 2021, Australia now sits ahead of advanced economies like Germany, Japan, the United Kingdom and the United States. In a joint statement, Finance Minister Katy Gallagher and Treasurer Jim Chalmers said achieving the balance was helped by a surplus....