Australia's Treasurer Jim Chalmers announced a $15.8 billion budget surplus for the 2023/24 financial year, the second consecutive surplus since 2007/08.

Australia's Treasurer Jim Chalmers announced a $15.8 billion budget surplus for the 2023/24 financial year, the second consecutive surplus, marking the first such occurrence since 2007/08. The surplus, accounting for 0.6% of GDP, is credited to lower government spending. However, a deficit of $28.3 billion is projected for the following year. Critics, including opposition members, argue the surplus does not address rising living costs for Australians.

September 29, 2024
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