Government Claims Credit for $15.8 Billion Budget Surplus, Opposition Labels It Superficial

Published on September 30, 2024

The Albanese Labor government claims to have delivered “the biggest back-to-back surpluses on record,” with an underlying cash surplus of $15.8 billion (0.6 percent of GDP) for the nation. It follows the $22.1 billion (0.9 percent of GDP) surplus in 2022-23. In a statement released on Sept. 30, the government says this is the largest nominal improvement in the budget position during a Parliamentary term. “Our back-to-back surpluses are helping in the fight against inflation, and that’s been acknowledged by the RBA governor,” the statement said. In June, Reserve Bank Governor Michele Bullock said, “I think fiscal policy has been running a surplus for the last couple of years, so I’d say that has been helping.”...

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