Australia's government posts $14.2 billion budget surplus after 15 years in the red
Australia’s government has reported a $14.2 billion budget surplus for the last fiscal year
CANBERRA, Australia (AP) — Australia’s government reported Friday that it had a budget surplus of 22.1 billion Australian dollars ($14.2 billion) in the last fiscal year, the first time the nation’s books have been balanced in 15 years.
The government cited low unemployment and high prices for the country's commodities, including iron ore, coal and gas. The surplus was equivalent to 0.9% of Australia's GDP,
The positive showing for the year that ended June 30 was larger than the AU$4.3 billion ($2.8 billion) surplus forecast in May. And it was a vast improvement from the AU$77.9 billion ($49.9 billion) deficit forecast ahead of elections in May 2022.
But Treasurer Jim Chalmers said he did not expect another budget surplus in the current fiscal year, citing China’s economic problems and recent Australian interest rate rises continuing to weigh on growth.
