Government Claims Credit for $15.8 Billion Budget Surplus, Opposition Labels It Superficial

The surplus is estimated to have been generated largely due to two major reforms in NDIS and aged care policies.

Australian Treasurer Jim Chalmers MP during post budget media interviews at Parliament House in Canberra, Australia, on May 15, 2024. Tracey Nearmy/Getty Images

The Albanese Labor government claims to have delivered “the biggest back-to-back surpluses on record,” with an underlying cash surplus of $15.8 billion (0.6 percent of GDP) for the nation.

It follows the $22.1 billion (0.9 percent of GDP) surplus in 2022-23.