Australia’s Rapid Fiscal Revival Brings Budget Surplus in View
- Finance minister says there’s been ‘significant improvement’
- Government’s March financial figures outpace budget estimate
This article is for subscribers only.
Australia’s fiscal coffers are rapidly refilling as high commodity prices and near-full employment bring windfall tax revenue, raising the possibility of the country recording its first budget surplus in 15 years.
With just over a week to go until the budget is released, Finance Minister Katy Gallagher acknowledged there’s been “significant improvement” in the fiscal position, while avoiding answering a direct question about whether the books would be back in the black. Bloomberg Economics’s James McIntyre reckons there’s an 80% chance the budget will post a surplus in the current fiscal year.