Labor is expected to forecast the first federal budget surplus in 15 years, on the back of a significant surge in revenue driven by soaring iron ore, coal and gas prices. 9News
Labor is expected to forecast the first federal budget surplus in 15 years, on the back of a significant surge in revenue driven by soaring iron ore, coal and gas prices.
The expected return to the black is only temporary, with the bottom line forecast to return to deficit in years to come as revenue returns to more normal levels.But even those shortfalls are smaller, with the budget showing an improvement of $143 billion over the next four years compared to the last budget the Coalition delivered before its election defeat.
Chalmers said his budget approach was about "spending restraint, substantial savings redirected to other priorities, and modest but meaningful tax changes". "Debt and deficits would be bigger and the inflation challenge even more serious if we'd followed the path taken by our predecessors.
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