Australia rises to second in world budget management rankings, IMF data shows

Treasurer Jim Chalmers at a press conference about the 2023/2023 budget. The IMF’s fiscal monitor found Australia’s budget balance is the second strongest among G20 nations.Treasurer Jim Chalmers at a press conference about the 2023/2023 budget. The IMF’s fiscal monitor found Australia’s budget balance is the second strongest among G20 nations.

Australia has shot up the rankings in the latest data, having placed equal 14th in 2021 and seventh in 2022, when it fared worse than countries such as Korea, Russia and Saudi Arabia.The treasurer, Jim Chalmers, and the finance minister, Katy Gallagher, hailed what they described as a “remarkable achievement” in Australia’s budget management since they took office. The balance includes the budgets of the states and the commonwealth.

“The Albanese government delivered Australia’s first surplus in 15 years in 2022-23, achieving a $100bn turnaround in the forecast inherited from the former government. A second surplus in next month’s budget remains within reach.” Still, Australia’s economy has fared better than most counterparts coming out of the Covid-19 pandemic, even if it might not have scaled the heights of 2011, when Euromoney magazine dubbed Wayne Swan – Chalmers’ boss at the time – asOn the IMF’s projections, the country will slip to fourth in 2024 for its general government balance – at -1.3% of GDP – even if the commonwealth notches back-to-back budget surpluses of its own.

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