The Albanese Government handed down the 2023-24 Federal Budget this week, with Treasurer Dr Jim Chalmers forecasting a small budget surplus in 2022‑23 and lower deficits and debt over each year of the forward estimates compared with the October Budget.

The forecast surplus in 2022‑23 is $4.2bn (0.2 per cent of GDP), while the Budget forecasts a deficit of $13.9bn (0.5 per cent of GDP) in 2023‑24.

The Treasurer said: “By returning the majority of revenue upgrades to the Budget, the government is lowering debt and reducing debt interest costs. This improves gross debt by almost $300bn by 2033‑34, saving $83bn in interest costs over the 12 years to 2033‑34.

“This approach is delivering a stronger and more sustainable fiscal position and has been achieved while also providing responsible cost‑of‑living relief, investing in a stronger and more secure economy, and funding the critical services Australians rely on.”

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