The ‘shock’ surplus is probably going a mix of bulging firm income, revenue taxes, and an surprising spike in inhabitants.
It has solely been seven months because the final price range in October, when Treasurer Jim Chalmers delivered his first price range out of sync. And regardless of the abbreviated interstice, this price range reviews one of many largest income forecast misses within the historical past of budgets.
The federal government — whoops! — expects to gather an astonishing $42 billion greater than it anticipated to this monetary 12 months and can ship a surplus.
A short while in the past, budgets have been forecasting deficits for eternity. After which zip, bam, pow, we discover ourselves with a surplus nestled neatly within the palms of our fingers. A small one, admittedly, at simply $4 billion in 2022-23, however nonetheless, a most shocking end result. The federal government has referred to as it an “extraordinary fiscal turnaround”.
Learn extra concerning the 2023 federal price range.
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