Australian Federal Budget Improves by $50 Billion in 2021-2022 Financial Year
Australian Treasurer Jim Chalmers has revealed that the federal budget’s bottom line improved by $50 billion (US$33.4 billion) in the 2021-2022 financial year. However, he warns that the turnaround is temporary.
The treasurer said the final budget outcome for the 2021-2022 financial year, which is due to release in full on Sept. 28, would be $50 billion higher than previous forecasts due to an increase of $28 billion in revenue and a drop of $20 billion in spending.
However, despite this good news, Chalmers said that while higher commodity prices were behind the budget improvement, they were starting to trend downward. However, he added that Australians should not expect too much as there were lots of programs that still needed to be paid for, including those organised by the former government….