Labor’s third budget to post a surplus of $9.3 billion

May 14, 2024 · The third Chalmers’ budget will deliver a surplus of $9.3 billion for this financial year – the second successive surplus of the Albanese government. This will be the first time …

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Labor’s Third Budget To Post A Surplus Of $9.3 Billion

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Labor Records Back-to-back Budget Surpluses - Leadstory.com

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Labor has posted the largest back-to-back budget surpluses on record, celebrating their latest final budget surplus at $15.8 billion. Despite Treasurer Jim Chalmerss claim that the numbers …

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Labor Confirms First Consecutive Surplus In 15 Years

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Sep 30, 2024 · Treasurer Jim Chalmers will confirm a surplus of $15.8 billion, and fears of all-out war in the Middle East have grown as Israel continues its simultaneous bombing of Gaza, …

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‘One Of The Biggest Deficits’: Labor Expecting $43 Billion Deficit In ...

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Sep 30, 2024 · It will make Jim Chalmers the first Labor treasurer since Paul Keating to produce back-to-back budget surpluses. “This year, we’ll see commodity prices go down, and we …

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How Did Labor Deliver A $4bn Budget Surplus? - Crikey

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May 9, 2023 · When unemployment is low and wages are rising, income taxes increase. The good times in the labour market are also good times in the treasurer’s office. What an …

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Labor Delivers Biggest Ever Back-to-back Surpluses

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Oct 4, 2024 · The Albanese Government has delivered the first back-to-back surpluses in nearly two decades. Today’s underlying cash surplus of $15.8 billion (0.6 per cent of GDP) follows …

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Labor Delivers Biggest Ever Back-to-back Surpluses

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Sep 30, 2024 · The Albanese Government has delivered the first back‑to‑back surpluses in nearly two decades. Today's underlying cash surplus of $15.8 billion (0.6 per cent of GDP) follows …

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Final Budget Result Delivers $15.8 Billion 'back-to-back' Surplus Due ...

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Sep 29, 2024 · A drop in spending has netted the federal government a $15.8 billion surplus for the most recent financial year, despite the government's tax take also falling in that time. The …

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FAQs about Labor’s third budget to post a surplus of $9.3 billion Coupon?

Will 2023-24 give labor the largest back-to-back budget surplus?

Treasurer Jim Chalmers says the windfall budget surplus forecast for 2023-24 will be about 50 per cent bigger than expected eight weeks ago, possibly gifting Labor the largest back-to-back surpluses on record. The budget was forecast to be $9.3 billion in the black last financial year after a $22.1 billion surplus in the year before. ...

Why did Labor post a second straight surplus in 15 years?

Labor says the better-than-expected surplus — the first consecutive one in 15 years — is “entirely” due to lower government spending. “We’re the first government to post back-to-back surpluses in nearly two decades. A second straight surplus is proof of our responsible economic management,” Chalmers said in a statement. ...

What is labor's underlying cash surplus?

Today’s underlying cash surplus of $15.8 billion (0.6 per cent of GDP) follows the $22.1 billion (0.9 per cent of GDP) surplus delivered in 2022–23. In dollar terms, these are the biggest back‑to‑back surpluses on record. This means Labor has delivered the largest nominal improvement in the budget position in a Parliamentary term. ...

Is there a back-to-back surplus?

This will be the first time there have been back-to-back surpluses in nearly two decades. But the forecast surplus is less than the $22.1 billion last financial year. Tuesday’s budget will show that compared to the December mid-year budget update, there has been an improvement of $10.5 billion in the bottom line. ...

Why has the federal government delivered two back-to-back surpluses?

It means the federal government has delivered two back-to-back surpluses, driven during that time by strong commodity prices and a larger income tax take from more people being in work. ...

Why do we post back-to-back surpluses?

"Posting back-to-back surpluses is a key part of our plan to take pressure off inflation while providing relief to families, who we know are under pressure," Senator Gallagher said. Overall, the budget position has improved by a cumulative $172.3 billion compared to the pre-election forecast. ...