The ‘shock’ surplus is probably going a mix of bulging firm earnings, earnings taxes, and an surprising spike in inhabitants.
It has solely been seven months because the final finances in October, when Treasurer Jim Chalmers delivered his first finances out of sync. And regardless of the abbreviated interstice, this finances reviews one of many greatest income forecast misses within the historical past of budgets.
The federal government — whoops! — expects to gather an astonishing $42 billion greater than it anticipated to this monetary yr and can ship a surplus.
A short while in the past, budgets had been forecasting deficits for eternity. After which zip, bam, pow, we discover ourselves with a surplus nestled neatly within the palms of our arms. A small one, admittedly, at simply $4 billion in 2022-23, however nonetheless, a most shocking consequence. The federal government has known as it an “extraordinary fiscal turnaround”.
Learn extra concerning the 2023 federal finances.
Grow to be a subscriber to get full entry to the web site, in addition to our premium newsletters.
Be part of us
Already a subscriber? Log in to maintain studying.
