Australia eyes bigger budget surplus

Strong jobs growth and bumper mining profits will swell government coffers. — Reuters

SYDNEY: Australia’s budget surplus for 2022 and 2023 will be bigger than the A$4.2bil (US$2.81bil or RM13bil) projected in the May budget but high inflation and global challenges will “significantly slow” the domestic economy, treasurer Jim Chalmers says.

Strong jobs growth and bumper mining profits will swell government coffers, similar to the forecast during the federal budget, while spending curbs and A$40bil (RM124bil) in savings have also boosted the budget bottom line.