The Federal Government has announced a $22.1 billion budget surplus for the 2022/23 financial year, the first in 15 years.
This means that over the last financial year, the Government raised more money than it spent.
The Opposition has argued the surplus is because the Albanese Government inherited the work of the former Coalition Government.
Why is there a budget surplus?
The Federal Government attributed the budget surplus to increased commodity prices (such as iron ore and coal), wage growth and higher-than-expected tax revenue.
Treasurer Jim Chalmers also credited the surplus to the Government’s “responsible approach to managing the budget that includes spending restraint and banking revenue upgrades.”
Shadow Treasurer Angus Taylor argued the surplus was delivered “off the back of the former Coalition Government’s strong economic management.”
“Australians [have had] to work harder to make ends meet in Labor’s cost of living crisis.”
“A drover’s dog could have delivered a surplus this year,” Taylor said.