Original article by Phillip Coorey
The Australian Financial Review – Page: B1 & B4 : 10-May-23

The budget papers have confirmed that the federal government expects to post a surplus of $4.2bn for 2022-23. Labor’s first budget in October had forecast a deficit of $36.9bn for the current financial year; however, government revenue has increased by $130bn since October, while its interest payments on debt have fallen by $15bn. The government has saved more than 80 per cent of the revenue upgrades since October. Meanwhile, the Treasury has forecast a budget deficit of $13.9bn in 2023-24, and the budget is not expected to return to surplus again until 2033-34. The Treasury expects the domestic economy’s growth to slow to 1.5 per cent in 2024, due to factors such as high interest rates and the slowing global economy. Inflation is turn forecast to fall from seven to six per cent in 2023, before falling to 3.25 per cent in 2024; inflation is not expected return to the Reserve Bank’s target range of 2-3 per cent until 2024-25.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY