Budget 2024: Australia Reports 2nd Surplus on the Back of Strong Commodity Prices

While the figure is well below the $22.1 billion surplus in 2022-23, it marks the first back-to-back surplus in nearly two decades.

The 2024-2025 Budget Papers are seen at a printing facility in Canberra, Australia, on May 12, 2024. AAP Image/Mick Tsikas

Australia’s federal budget will report a $9.3 billion (US$6.14 billion) surplus for the 2023-24 financial year on the back of strong commodity prices.

While the figure is well below the $22.1 billion surplus in 2022-23, it marks the first back-to-back surplus in nearly two decades.