Treasurer Says National Debt Cut by $149 Billion

The federal government claims it has cut Commonwealth debt by $149 billion (US$101 billion) over two years. It comes alongside the government’s announcement that it expects a budget surplus in the mid-teens, to be released soon. Australian Treasurer Jim Chalmers says it’s the first back-to-back surplus delivered by a government in almost two decades. He said government debt was 10.6 percentage points lower than when Labor came to power, and credits the surplus with less spending. Final budget outcomes for the 2023/24 financial year show debt has fallen to $906.9 billion, $149.1 billion less than what was predicted in 2022. “Through responsible economic management and spending restraint we’ve been able to get rid of a big chunk of the debt left to us by the Liberals and Nationals,” Chalmers said....