Australia has recorded a surplus of $15.8 billion, the second consecutive surplus under Treasurer Jim Chalmers. However, this positive outcome is overshadowed by a concerning shortfall in tax revenue from workers and businesses over the past four months.
A sharp fall in tax revenue from workers and businesses over the past four months has exposed an emerging economic fault line ahead of the coming federal election, despite the government producing one of the largest budget surpluses on record.
While collections from working Australians reached a record high of $331.5 billion during the just-completed financial year, this was $3.1 billion lower than what Treasury had forecast just five months ago. While revenue was down, spending was also lower than forecast in May, down by $10.2 billion. The government saved almost $2 billion due to a lower-than-expected demand across a range of programs including the National Disability Insurance Scheme and Covid-19 vaccinations.
Forecasts for the 2023-24 budget were first released by then treasurer Josh Frydenberg during the depths of the Covid shutdown in 2020. “We should also be clear that this is the biggest spending, biggest taxing government in Australian history. Taxation since Labor came to power for the year just passed, is up $104 billion, receipts is up $104 billion, and the vast majority of that they have actually spent,” he said.
A.Budget Surplus B.Tax Revenue C.Economic Outlook
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