Jim Chalmers has confirmed the first back-to-back federal budget surplus in over 15 years.
The Treasurer today announced a $15.8 billion budget surplus in a final economic update for the previous financial year.
“This is a powerful demonstration of our responsible economic management,” Chalmers said in a press conference.
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“These are the first consecutive surpluses in almost two decades.”
Chalmers said the huge nominal budget improvement was due to Labor’s ‘spending restraint’.
“Spending in the last financial year was much lower than anticipated at budget,” he said.
He said it was not because Labor taxed more but because it spent less.
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Chalmers said it was another positive announcement for Labor’s financial management of the country after inflation decreased from 3.5 per cent in July to 2.7 per cent in August.
Finance Minister Katy Gallagher echoed Chalmer’s message about Labor’s spending being the key to the second surplus.
“It’s definitely the opposite of what you’ve been told this morning by the shadow Minister for Finance,” she said.
Shadow Finance Minister Jane Hume claimed earlier today Chalmers had achieved the second surplus “on the back of the hard work” of Australians and with “a bit of dumb luck”.
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