CANBERRA, Sept. 30 (Xinhua) -- The Australian government has reported a second consecutive budget surplus for the first time in 15 years.
Treasurer Jim Chalmers and Katy Gallagher, the minister for finance, on Monday released the Final Budget Outcome for the financial year 2023-24, which ended on June 30, revealing a final cash surplus of 15.8 billion Australian dollars (10.9 billion U.S. dollars).
It follows a surplus of 22.1 billion Australian dollars (15.3 billion U.S. dollars) in 2022-23, marking the first consecutive surpluses since 2007-08.
"In dollar terms, these are the biggest back-to-back surpluses on record," Chalmers and Gallagher said in a joint statement.
"Our back-to-back surpluses are helping in the fight against inflation."
The federal budget for 2024-25, which Chalmers handed down in May, projected a 2023-24 surplus of 9.3 billion Australian dollars (6.4 billion U.S. dollars).
Chalmers and Gallagher attributed the improvement to lower-than-expected government spending.
Government payments were 10.2 billion Australian dollars (7.06 billion U.S. dollars) lower than forecast in 2023-24, they said, which was partially offset by tax receipts coming in 5.3 billion Australian dollars (3.6 billion U.S. dollars) lower than expected.
Payments as a share of gross domestic product (GDP) were 25.2 percent in 2023-24 compared to the 27.1 percent previously forecast.
May's budget forecast a budget deficit of 28.3 billion Australian dollars (19.6 billion U.S. dollars) for the 2024-25 financial year. ■
