Australia's Economy Surges: $9.3B Surplus Fuels Cost-of-Living Relief and Future Growth
May 14, 2024Treasurer Jim Chalmers announces a $9.3 billion surplus in the federal budget, the first consecutive surplus since the global financial crisis.
The budget prioritizes cost-of-living relief and aims to reshape the economy with the 'Future Made in Australia' industry package.
Allocations include increased funding for health, infrastructure, and education.
Despite the surplus, measures are set to address inflation and stimulate growth without sacrificing cost-of-living relief.
Forecasts show a $10.5 billion improvement and predict the economy will be $200 billion better off in six years.
Government's economic strategy targets bringing inflation within the desired range by year's end, with a focus on falling inflation and rising wages.
Finance Minister Katy Gallagher states the budget balances essential services funding, cost-of-living relief, and future investments.
Summary based on 5 sources
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Sources
The Guardian • May 13, 2024
Federal budget to remain in the black with forecast surplus of $9.3bn for 2023-24The Sydney Morning Herald • May 13, 2024
$9.3 billion: Chalmers lands the surplus double in third budgetThe Age • May 13, 2024
$9.3 billion: Chalmers lands the surplus double in third budgetThe West Australian • May 13, 2024
Chalmers to unveil big surplus surprise