A view outside Barangaroo Station on the new Sydney Metro line in Sydney, Australia, August 25, 2024. REUTERS/Tracey Nearmy
SYDNEY: Australia posted back-to-back budget surpluses for the first time in 16 years.
The underlying cash surplus was A$15.8bil (US$10.9bil) in the 12 months through June 30 this year, 0.6% of gross domestic product, according to the Treasurer’s office. That exceeded a A$9.3bil windfall predicted in the May budget.
“Our bigger than expected surplus in the year just gone is entirely due to lower spending, with the tax take also lower,” Treasurer Jim Chalmers said.
It comes as the centre-left Labour government faces an election before the end of May, with recent polling showing mounting discontent as inflation remains stubborn and interest rates stay high.
A Newspoll survey published in the Australian newspaper showed primary support for Labour has dipped to its equal lowest since the 2022 election with housing – including rents and mortgages – the most significant cost-of-living issue, eclipsing grocery and energy bills. — Bloomberg
