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Budget 2023: surprise surplus

The Australian Federal budget is estimated to be in surplus – but just for one year.

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Although the surplus will be short-lived – this financial year only – it was one of the many upgrades contained within the budget papers.

"The cost of living was key to new policies announced, including an increase to JobSeeker of $A40 per fortnight.”

The sum of budget deficits have been halved relative to October 2022, largely as a result of economic parameter changes which added $A146 billion to underlying cash balances from 2022-23 to 2026-27.

The cost of living was key to new policies announced, including an increase to JobSeeker of $A40 per fortnight.  

Overall, the budget showed an increase in payments, but not enough to actually increase payments as a share of gross domestic product.

Adelaide Timbrell is a Senior Economist at ANZ

This article originally appeared in ANZ Insights on 10 May 2023

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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