Australian Federal Budget Back in Black for First Time in 15 Years

Australian Treasurer Jim Chalmers speaks to the media during a press conference to announce the newly appointed RBA governor at Parliament House in Canberra, Australia, on July 14, 2023. AAP Image/Lukas Coch

Sky-high prices for Australia’s commodity exports and robust jobs growth have helped the federal government land a record $22.1 billion (US$14.2 billion) surplus.

Federal finances are still expected to fall back into deficit in this 2023/24 year, based on Treasury forecasts, although a second surplus cannot be ruled out given the uncertain economic environment.