Australia has achieved a second straight budget surplus, standing at A$15.8 billion ($10.91 billion) for the year to June 2024, the center-left government said on Sunday, helped by lower spending.
Squeezed by the cost of living, Australians have prioritized spending on essential services such as healthcare while grappling with persistent inflation and high mortgage rates.
The surplus was a “key part of our plan to ease pressure on inflation while also providing relief to families, who we know are under pressure,” Finance Minister Katy Gallagher said in a statement.
Figures from the final Budget The 2023/24 result showed a surplus of around 0.6% of gross domestic product, while 87% of revenue improvements returned to the final budget result as part of spending restrictions to combat inflation, the Labor government.
The improved result, which exceeded the May forecast of A$9.3 billion, was due to lower spending, it added.
This followed Australia’s first budget surplus in 15 years, one of A$22.1 billion for the year to June 2023.
The 2023/24 result demonstrated the government’s “responsible economic management”, Treasurer Jim Chalmers added.
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