Australia's budget is projected to return to surplus in 2022-23 for the first time in 15 years amid high commodity prices and a record low unemployment, and then to post smaller deficits and lower debt across the forward years, Treasurer Jim Chalmers said in his budget statement on Tuesday.
The surplus for the fiscal year ending June 2023 is projected at A$4.2 billion. For 2023-24, the underlying cash deficit is expected to be A$13.9 billion.
Gross debt is seen at 35.8 percent of GDP in 2023-24. The government forecast gross debt to peak at a lower level and five years sooner than forecast in the October Budget.
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by Renju Jaya
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