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It’s official, the Albanese government has delivered its second budget surplus in a row, the first time that’s been done in two decades. The debate amongst economists and politicians will now turn to whether the extra cash should be spent. Treasurer Jim Chalmers budget for the 2023 - 24 financial year was in the black by $15.8 billion, more than 6 billion dollars better than was forecast back in May.
‘It is the kind of responsible economic management would be unrecognisable to our predecessors,” Dr Chalmers said. Some will now argue the extra 6 billion dollars banked, should be spent on cost-of-living relief for Australians. Underlying inflation at 3.4 per cent is nearly back into the Reserve Bank’s target and the economy needs a kickstart - with extremely weak growth at the moment.
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