Australia foresees budget surplus

Treasurer Jim Chalmers announced on Tuesday a budget surplus was forecast for the fiscal year ending June 30. The exact surplus amount was not revealed, although it is estimated to be around $2.7 billion.

Last October, Australia’s gross debt was expected to reach 37.3 percent by the end of the current fiscal year. Commenting on the budget, Chalmers said “it’s carefully calibrated to address cost of living pressures in our communities, rather than add to them.”

He also referred to spending measures in his latest budget being designed to avoid fuelling inflation. This would mark the first balanced annual budget in for Australia 15 years.

Chalmers anticipated it would become harder to have budget surplus in the future, since economic pressures were expected to intensify.