{"id":38039,"date":"2023-05-08T13:28:55","date_gmt":"2023-05-08T13:28:55","guid":{"rendered":"https:\/\/lynettelockhart.com\/client\/australia-to-deliver-first\/"},"modified":"2023-05-08T13:29:32","modified_gmt":"2023-05-08T13:29:32","slug":"australia-to-deliver-first","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/australia-to-deliver-first\/","title":{"rendered":"Australia to deliver first budget surplus in 15 years"},"content":{"rendered":"<p>SYDNEY (Reuters) &#8211;     Australia is set to deliver its first budget surplus in 15 years on Tuesday, as its coffers bulge with tax windfalls from higher commodities prices and wages, a political win for the centre-left Labor government since coming to power last May.<\/p>\n<p>The budget will forecast a small surplus of around A$4 billion ($2.71 billion) for the fiscal year ending June, a huge turnaround from a projected deficit of A$36.9 billion in October, according to excerpts seen by Reuters.<\/p>\n<p>Deficit estimates for the subsequent years have also been revised lower.<\/p>\n<p>The government is returning 82% of revenue upgrades to the budget bottom-line while making $17.8 billion in savings and reprioritisations, based on the excerpts. <\/p>\n<p>That brings the total savings found across the two budgets delivered so far by the Labor government to A$40 billion.<\/p>\n<p>&#8220;Our responsible economic management is all about spending restraint, substantial savings redirected to other priorities, and modest but meaningful tax changes,&#8221; said Treasurer Jim Chalmers. <\/p>\n<p>&#8220;We are putting the Budget on a much more sustainable footing at the same time as we provide cost of living relief and invest in the future.&#8221;<\/p>\n<p>Prime Minister Anthony Albanese&#8217;s government has announced A$14.6 billion in cost of living relief, which Chalmers promises won&#8217;t worsen inflation as the central bank raises rates to keep price rises in check.<\/p>\n<p>The government will also set aside a A$11.3 billion for wage rises for aged care workers and extend financial support for single parents.<\/p>\n<p>($1 = 1.4758 Australian dollars)<\/p>\n<p \/>\n<p> (Reporting by Stella Qiu; Editing by Sam Holmes)<\/p>\n<p><a href=\"https:\/\/lynettelockhart.com\/client\/australia-to-deliver-first\/tourists-walk-around-the-forecourt-of-australias-parliament-house-in\/\"><img decoding=\"async\" src=\"https:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ470EZ-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ470EZ-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SYDNEY (Reuters) &#8211; Australia is set to deliver its first budget surplus in 15 years on Tuesday, as its coffers bulge with tax windfalls from higher commodities prices and wages, a political win for the centre-left Labor government since coming to power last May. The budget will forecast a small surplus of around A$4 billion [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":38040,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1216],"tags":[],"class_list":["post-38039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-economy"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ470EZ-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/38039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=38039"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/38039\/revisions"}],"predecessor-version":[{"id":38041,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/38039\/revisions\/38041"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/38040"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=38039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=38039"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=38039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}