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Australia

BUDGET 23-24: back in black

Adelaide Timbrell Senior Economist, ANZ

2023-05-09 04:30

The Australian Federal budget is estimated to be in surplus – but just for one year.

Although the surplus will be shortlived – this financial year only - it was one of the many upgrades contained within the budget papers.

The sum of budget deficits have been halved relative to October 2022, largely as a result of economic parameter changes which added $A146 billion to underlying cash balances from 2022-23 to 2026-27.

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The cost of living was key to new policies announced, including an increase to JobSeeker of $A40 per fortnight.  

Overall, the budget showed an increase in payments, but not enough to actually increase payments as a share of GDP.

Adelaide Timbrell is a Senior Economist at ANZ

anzcomau:article-hub/geographies/australia,anzcomau:article-hub/topic/economy
BUDGET 23-24: back in black
Adelaide Timbrell
Senior Economist, ANZ
2023-05-09
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