Original article by Patrick Commins
The Australian – Page: 1 & 2 : 21-Sep-22

Treasurer Jim Chalmers has advised that the Budget deficit for 2021-22 is now likely to be around $30bn, compared with expectations of about $79.8bn just four months ago. Government revenue has been $28bn higher than forecast due to factors such as rising commodity prices. Government payments are in turn $20bn lower than expected, with a record low official unemployment rate resulting in a sharp fall in welfare payments. However, Chalmers says the improvement in the Budget bottom line has been largely driven by temporary factors, and he notes that the prices of key commodities have fallen since the start of the financial year. Chalmers is expecting a bigger deficit for 2022-23.

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AUSTRALIA. DEPT OF THE TREASURY