Australia also announced billions in cost-of-living relief aimed at lowering power bills and consumer prices. Read more at straitstimes.com.
SYDNEY - Australia’s Labor government boasted the first budget surplus in 15 years on Tuesday 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.have also delivered a windfall to mining profits, and thus tax receipts, though prices are now well off their peaks.
Mr Chalmers also expects the domestic economy to brake to just 1.25 per cent in 2023/24 from 3.25 per cent this fiscal year, in large part due to a painful 375-basis-points of rate rises from the RBA.
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