How it started v how it’s going: 2023 budget’s small surplus and an improved outlook

Australia’s financial books have generally improved, with most of the main metrics looking better than expected

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Forecasting is a notoriously difficult endeavour, especially when it comes to budgets that are subject to changing spending priorities and economic conditions, often outside of government control.

The short interval between last year’s election-delayed budget in October, and the current May budget, should mean the difference between forecasts is closer. On this occasion, the financial books have generally improved, with most of the main metrics showing a better-than-expected outlook.

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