Chalmers’ second surplus all but assured

While it is expected the budget will remain in surplus, welfare recipients holding out for relief are set to be disappointed.

“This update shows that while a second surplus is not locked in, it’s within reach,” Dr Chalmers said on Friday. Weeks out from the budget, scheduled for May 14, a string of firmer-than-expected economic data, including fresh inflation and jobs numbers, has added to concerns that the Reserve Bank may have to resume its monetary tightening or at the very least delay rate cuts well into 2025.

“Given the material upside surprise in the CPI figures, we think there’s a solid case for the Bank to flip the switch and resume its tightening cycle,” he said. The release of the finance figures coincided with renewed calls for increases to rent assistance, unemployment payments and childcare subsidies from the government’s own hand-picked economic inclusion advisory committee.

Angus Taylor Rate Hiking Cycle Least Delay Rate Price Pressures Helping People Doing Finance Documents Thumping Revenue Flows Federal Purse Strings Monetary Tightening Income Tax Collections Finance Figures Official Cash Rate Unemployment Payments Inclusion Advisory Committee Employment Services Programs Shadow Treasurer Better-Than-Expected Reading Newswire-Politics Unemployment Rate Jenny Macklin Personal Income Tax Inflation Fighting Budget Interest Rates Looks Set Tax Brackets Jim Chalmers Department Of Finance Welfare Recipients Delay Rate Cuts Childcare Subsidies Bridget Mckenzie Sky News Inflation Rate Assistance Workers Budget Surplus Katy Gallagher Energy Bill Relief Tax Cuts Responsible Budgets Government Spendingnationals Jobs Numbers

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