Canberra, Sep 29 : Australian Treasurer Jim Chalmers on Thursday ruled out a return to budget surplus within the next three years.
Chalmers urged Australians to "be realistic" ahead of handing down the ruling Labor Partys first federal budget since it won Mays general election, reports Xinhua news agency.
The budget is expected to be austere, with few major spending measures as the government seeks to address the rising cost of living and record debt levels.The Treasury on Wednesday released the final budget outcome for the financial year 2021-22, revealing a deficit of A$32 billion ($20 billion) -- or 1.4 per cent of the gross domestic product.It marked a significant improvement from about A$80 billion for 2021-22 projected by the former government.
Despite the improvement, Chalmers said the budget would not project a surplus in any year through to the next election in 2025."When it comes to a surplus this term of the parliament, I think we need to be realistic about the fiscal situation and I dont think that Australians should expect that the budget that I hand down in October will have a surplus in any of the forward years," he said at a press conference.
"I think Australians understand that given the fiscal and budget circumstances that weve inherited, it will take much more than one budget to turn that around."The budget improvement was mostly driven by a A$27.7 billion boost in government receipts -- more than half of which came from higher-than-expected company taxes as a result of high global commodity prices.#budget #surplus #Treasurer.
Latest News
Download App
Channels
Home English News TeluguStop Exclusive Stories Flash/Breaking News Trending News Political Movie Health Tips Crime News Movie Reviews NRI News Viral Videos Bhakthi/Devotional Press Releases Viral Stories Quotes Photo Talks Baby Boy NamesBaby Girl Names Celebrity ProfilesFollow Us!
Contact Us!
TeluguStop.com Media, Siya Residency, Sri Sri Circle, Khammam, Telangana- 507002info@telugustop.com Ph No : 999-279-9973
About Us!
About Us Jobs Advertising DMCA / Removal Terms of Use Privacy Policy