The Federal Government has announced the nation's budget is in surplus for the first time in 15 years. Final figures for the 2022/23 financial year show a surplus of more than 22-billion dollars. Treasurer Jim Chalmers has attributed the result to strong commodity prices, higher taxes, and strong economic management.
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00:00 This is in dollar terms the biggest surplus ever and it comes when inflation was at its
00:09 peak.
00:10 And it shows just how seriously Katie and I, the Prime Minister and the Government have
00:16 taken our responsibilities to take pressure off inflation when it was most acute at the
00:21 same time as we roll out cost of living help to take some of the edge off cost of living
00:26 pressures without adding to them.
00:29 The underlying cash balance was a surplus of $22.1 billion that's 0.9% of GDP.
00:38 This represents a $100 billion one year turnaround since the last numbers released by our predecessors.
00:47 This is the biggest turnaround in the budget in history.
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