Current location:business >>
Australian gov't confirms 2nd consecutive budget surplus
business611People have gathered around
IntroductionCANBERRA, May 14 (Xinhua) -- The Australian government has confirmed a second consecutive federal bu ...
CANBERRA, May 14 (Xinhua) -- The Australian government has confirmed a second consecutive federal budget surplus for the first time in over 15 years.
Treasurer Jim Chalmers on Tuesday said that the federal budget for 2024-25, which he will hand down on Tuesday night, will reveal a surplus of 9.3 billion Australian dollars (6.1 billion U.S. dollars) for the current 2023-24 financial year.
It is the first time Australia has recorded back-to-back budget surpluses since 2007-08 -- prior to the global financial crisis -- after a final surplus of 22.1 billion Australian dollars in 2022-23.
The surplus marks a significant turnaround from the 13.9 billion Australian dollars deficit projected in the previous budget in May 2023. The forecast deficit was revised down to 1.1 billion Australian dollars in the mid-year economic and fiscal outlook in December 2023.
Chalmers said the second surplus was a powerful demonstration of the governing Labor Party's responsible economic management.
"The forecasted surplus has come on top, not at the expense, of helping those doing it tough. The budget will ease cost-of-living pressures, not add to them, and incentivize investment in a Future Made in Australia," he said in a statement.
However, deficits in the next three years are now projected to be higher than forecast in December due to what Chalmers described as unavoidable spending.
In December, the Treasury forecast deficits of 18.8 billion Australian dollars in 2024-25, 35.1 billion Australian dollars in 2025-26, and 19.5 billion Australian dollars in 2026-27.
(Editor:Wang Su)
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“World Wrap news portal”。http://christmasisland.handmade-jacket.com/content-3f199807.html
Related articles
Rory McIlroy says PGA Tour is 'worse off' without Jimmy Dunne on board
businessLOUISVILLE, Ky. (AP) — Rory McIlroy believes the potential for a deal between the PGA Tour and the S ...
【business】
Read moreAwards give books an exciting chapter
businessIn the digital era in which people's attention is often distracted by fragmented, eye-catching i ...
【business】
Read moreKentucky judge declines, for now, to lift ban on executions
businessLOUISVILLE, Ky. (AP) — A Kentucky judge has declined to remove a court injunction that has blocked e ...
【business】
Read more
Popular articles
Latest articles
Bradley Cooper hits the red carpet to support director Sam Taylor
Britain braces for rush hour thunderstorm chaos: Met Office issues 12
Jurors hear closing arguments in landmark case alleging abuse at New Hampshire youth center
China's online literature users exceed 500 million
Christine Baumgartner enjoys first PDA with new man Josh Connor
Photography exhibition by Italian journalist opens in Xi'an
LINKS
- China now S. Korea's top e
- Xi Focus: Xi Says Confidence 'More Valuable Than Gold' in March Toward Rejuvenation
- Xi Story: Homage to Heroes of Chinese Nation, Celebrated or Unsung
- Surgeon performs simulated breast cancer surgery on a balloon
- Automakers aiming to become shipshape as exports make waves
- Space contractors release China's annual launch plan
- Xi Pays Tribute to National Heroes on Martyrs' Day
- China now S. Korea's top e
- China’s rover makes first step on Mars
- SOEs' AI push may transform industries