Jim Chalmers’ 2023 budget expected to record first surplus in 15 years

Albanese government’s first full-year budget benefits from higher commodity prices, low unemployment and wage growth

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Australia’s federal budget is projected to record a $4bn surplus this financial year, which would be the first surplus in 15 years.

The treasurer, Jim Chalmers, has revealed ahead of Tuesday night’s budget that the 2022-23 bottom line has reached surplus, despite the projected $78bn deficit in the Coalition’s March 2022 budget.

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