Booming Coal and Gas Prices Brings Rosy Budget Outlook: Economist

Booming Coal and Gas Prices Brings Rosy Budget Outlook: Economist
A photo shows part of the coal operations at the Port of Newcastle in New South Wales, Australia, on Nov. 18, 2015. William West/AFP via Getty Images
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Australia’s budget deficit will see a “remarkable recovery” this year on the back of soaring coal and natural gas prices, according to economist Chris Richardson.

In September, Treasury said higher commodity prices improved the federal budget’s bottom line for the 2021-22 financial year by $50 billion (US$75 billion) from higher commodity prices, but warned that they were starting to trend downwards.