‘A new generation of prosperity’: Treasurer hands down budget surplus

Treasurer Jim Chalmers has placed cost of living relief and future industry investment at the forefront of his third federal budget , in what he says will"make Australians the primary beneficiaries of a world of churn and change". The Albanese government's third federal budget has delivered a surplus of $9.3 billion for the financial year ending June, in what marks the first time revenue has exceeded expenditure consecutively in almost two decades.

Federal Treasurer Jim Chalmers handed down the 2024-25 Federal Budget at Parliament House in Canberra. Picture: NCA NewsWire / Martin Ollman His overarching assessment of the surplus budget was"responsible economic management" of the Labor party, under which a"stronger fiscal outcome" was witnessed with every successive year.

"To make Australians the primary beneficiaries of a world of churn and change, tapping their confidence, compassion, and creativity. To manage their pressures and maximise our advantages, to forge a new economy and a new generation of prosperity. Brushing off criticism of the tax cuts being rejigged from the initially legislated proposal under the Morrison government, at a loss to higher income earner, Labor has insisted the new cuts benefit 84 per cent of taxpayers and 90 per cent of women.

Under a new $3.5 billion commitment starting July 1, Australian consumers will receive an energy rebate of $300 each, and one million businesses"will get a bit more".

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