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.
Australia Has World’s Second Highest Budget Balance, According to IMF
Australian Treasurer Jim Chalmers delivers his budget address in Canberra, Australia, on Oct. 25, 2022. Martin Ollman/Getty Images
Jim Birchall
Updated:
0:00

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.

Jim Birchall
Jim Birchall
Author
Jim Birchall has written and edited for several regional New Zealand publications. He was most recently the editor of the Hauraki Coromandel Post.