Overview

• Australia's government projects a budget surplus of $9.3 billion for this fiscal year, marking the second consecutive surplus.
• Inflation is expected to return to the central bank's target range of 2-3% by the end of 2024, a year earlier than previously forecast by the Reserve Bank of Australia.
• The budget includes significant tax cuts and rebates aimed at relieving cost of living pressures and boosting domestic industries.
• Future deficits are anticipated as unavoidable spending increases, with investments aimed at long-term economic growth.
• Government measures include funding for health, education, and infrastructure, with a focus on supporting middle-income families and key demographics like women.