Australia Has World’s Second Highest Budget Balance, According to IMF

Up from 14th position in 2021, Australia sits ahead of advanced economies like Germany, Japan, the United Kingdom, and the United States.

Australian Treasurer Jim Chalmers delivers his budget address in Canberra, Australia, on Oct. 25, 2022. Martin Ollman/Getty Images

Australia had the second strongest budget balance as a share of gross domestic product among G20 countries last year, something the Albanese government attributes to a “responsible approach” to budget management.

Australia’s overall budget balance, which combines the fiscal positions of both the Commonwealth and state governments came in at -0.9 percent of GDP in 2023, only bettered by Canada’s budget position of -0.6 percent.