Australia's New Budget Aims for Surplus, Targets Inflation Control

Amid economic uncertainties, Treasurer Jim Chalmers' latest budget forecasts a surplus and earlier inflation moderation, focusing on cost of living and strategic investments.

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.