CANBERRA: Australian Treasurer Jim Chalmers announces a narrower budget deficit than last fiscal year against a backdrop of global volatility and an energy shock, saying the country now has one of the strongest budget positions among the Group of 20 nations.
The underlying cash deficit in the 12 months through June was A$22.3bil (US$15.7bil), compared with a A$28.3bil estimate in the May budget, the treasurer said yesterday.
The “multi-billion-dollar improvement” has been delivered “despite months of more severe global volatility”, he said.
“The stronger budget position we have delivered is why the ratings agencies have endorsed the government’s responsible fiscal management by re-affirming our AAA credit rating in recent weeks,” he said. — Bloomberg
