Surging tax revenue from iron ore, coal and gas and record numbers of people in work are set to deliver an $80 billion turnaround from the forecast 12 months ago.
The federal government is within reach of posting its first budget surplus in 15 years, as surging tax revenue from iron ore, coal and gas, and record numbers of people in work deliver Treasurer Jim Chalmers a financial windfall.are lifting tax revenue and reducing welfare payments, while the return of hundreds of thousands of migrant workers is delivering a bigger fiscal dividend.
“It’s hard to see how the budget doesn’t reach a surplus this year given the ongoing tightness in the labour market and further upside to company tax collections,” he said. The October budget forecast deficits worth about $40 billion to $50 billion annually over the next four years.Rich Insight economist Chris Richardson said the Finance Department’s confirmed $1 billion budget surplus for the rolling 12 months to March 31 was a “remarkable” $204 billion turnaround from 25 months ago.
The Finance Department figures showed the budget’s underlying cash deficit had narrowed to $11.2 billion for the nine months to March 31 ahead of the traditionally strong revenue month of May, when big companies typically pay corporate tax.
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