Treasurer Tim Pallas has handed down his 10th budget, which sets out the state’s strategy for getting back to surplus and dealing with debt.
The blue section is the mental health and wellbeing levy introduced three years ago, which also applies to businesses with national payrolls of more than $10 million, with the money raised going towards funding mental health services. But in 2025-26 the budget is expected to go into surplus for the first time since 2018-19. A $1.5 billion surplus is on the cards for 2025-26, with larger surpluses anticipated in the years that follow.
Because there is still some time left in 2023-24, there isn’t a figure for interest expenses for this year just yet. However, the budget papers state that the interest expense was $4 billion over the past nine months.
Source: Loan Digest (loandigest.net)
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