The Australian Government is headed toward a community with fewer lower debts and smaller deficits according to the Treasurer, Jim Chalmers, delivering his third Budget yesterday.
According to the Treasurer (pictured), Australians have shown resilience in the face of heightened global uncertainty, persistent inflation and higher interest rates, all combining to slow our economy.
“The best response to these challenges is a responsible Budget that strikes the right balance between easing cost of living pressures, securing the essential services people rely on and laying the foundations for future growth,” Dr Chalmers said.
“It does this while strengthening our fiscal position, with a Budget surplus now forecast in 2022‑23, and lower deficits and debt compared to recent budgets,” he said.
The Treasurer said the Budget laid stronger foundations by: Delivering cost‑of‑living relief; Strengthening Medicare; Investing in a stronger and more secure economy; Broadening opportunity; and Strengthening our nation’s finances and funding priorities.
He said that by strengthening the budget and funding national priorities, the nation’s finances are stronger and more sustainable and funding the programs Australians need and deserve.
For the record, the Budget forecasts a deficit of $13.9 billion in 2023‑24, an improvement of $42.6 billion since the change of Government and 0.5 per cent of the nation’s Gross Domestic Product (GDP).
The Treasurer’s full speech can be accessed at this PS News link.
