Treasurer Says National Debt Cut by $149 Billion

Treasurer Jim Chalmers is preparing to unveil a surplus as the government prepares for the release of the nation’s finances.

A general view of housing in the suburb of North Sydney facing towards the central business district (CBD) in Sydney, Australia on June 28, 2024. Lisa Maree Williams/Getty Images

The federal government claims it has cut Commonwealth debt by $149 billion (US$101 billion) over two years.

It comes alongside the government’s announcement that it expects a budget surplus in the mid-teens, to be released soon.