A drop in spending has delivered a $15.8 billion surplus for the most recent financial year, despite tax revenue also falling in that time. It's a $6.4 billion improvement on what was forecast in May.
The federal government has delivered two consecutive surpluses, the first in nearly two decades.A drop in spending has netted the federal government a $15.8 billion surplus for the most recent financial year, despite the government's tax take also falling in that time.That improvement has come almost entirely from lower spending, according to the federal government, with payments as a share of total economic activity about 2 percentage points below what was forecast two years ago.
Underlying inflation, which the Reserve Bank is now following closely to determine whether to adjust interest rates, was at 3.4 per cent over the year to August.Headline inflation drops to 2.7 per cent, down from 3.5 per cent, as energy rebates kick in.Treasurer Jim Chalmers said the double surplus was the first in nearly two decades.
"Posting back-to-back surpluses is a key part of our plan to take pressure off inflation while providing relief to families, who we know are under pressure," Senator Gallagher said.
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