(VOVWORLD) - Australia’s Treasurer Jim Chalmers reported Friday that Australia had a budget surplus of 22.1 billion AUD (14.2 billion USD) in the last fiscal year, the first time the nation’s books have been balanced in 15 years.
 Australia's Treasurer Jim Chalmers (Photo: ALEX ELLINGHAUSEN) |
The government’s corporate tax receipts for the last fiscal year, which came in at 12.7 billion AUD contributed to the surplus, along with high prices for the country’s commodities, historically low unemployment, and higher wages. The government’s strategy of banking the budget surplus during high interest rates also contributed to the budget outcome.
Treasurer Chalmers said a part of the budget surplus will go to low-income families, including energy and child care relief and support for medical patients. Australia’s budget surplus for the 2023-2024 fiscal year is projected to decrease but still maintain close to 14.6 billion AUD.