SYDNEY : Australia's Labor government on Tuesday boasted the first budget surplus in 15 years as strong jobs growth and bumper mining profits swelled its coffers, but it will quickly be swallowed up by spending on everything from health to energy and defence.In his second budget since winning power in May
SYDNEY : Australia's Labor government on Tuesday boasted the first budget surplus in 15 years as strong jobs growth and bumper mining profits swelled its coffers, but it will quickly be swallowed up by spending on everything from health to energy and defence.
"This Budget, we've returned 82 per cent of the extra revenue windfall that’s largely come from lower unemployment, stronger jobs and wages growth, and higher prices for key exports." The latest improvement owes much to a surprisingly strong labour market, which has taken unemployment to near 50-year lows of 3.5 per cent and boosted income tax while curbing welfare payments.
That tightening should have the desired impact on inflation, which Chalmers sees slowing to 3.25 per cent by mid-2024, down from the current blistering 7.0 per cent pace. Treasury estimates its relief package for energy bills alone will cut 0.75 per centage points from consumer price inflation in 2023/24.
The cuts are not especially popular with the public given the vast majority go to the higher paid, but Labor is loath to break an election promise and seems boxed-in.
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