Australian Treasurer Expects No Budget Surplus in Several Years Despite Budget Recovering

Australian Federal Treasurer Jim Chalmers MP speaks at Parliament House in Canberra, Australia, on July 28, 2022. Martin Ollman/Getty Images

Australian Treasurer Jim Chalmers has warned the country is unlikely to see a budget surplus in the next few years despite a recently announced $50 billion (US$32.3 billion) improvement in the government’s bottom line.

In the final budget outcome paper for the 2021-2022 financial year, the federal government posted an underlying deficit of $32 billion.