Federal treasurer Jim Chalmers says a stronger labour market and improved wages has boosted revenue more than higher commodities, but he won’t be rolling out a ‘Back in Black’ mugs; Follow updates live.
Federal treasurer Jim Chalmers has hit back at shadow treasurer Angus Taylor’s comment that a “drover’s dog” could have delivered Labor’s $4 billion surplus, which will mark the first time the budget has been in black for 15 years.
“Angus Taylor’s argument seems to be that anyone can deliver a surplus except for the Liberals in office,” Chalmers said.“ promised a surplus in their first year and every year thereafter and didn’t deliver a single one.” Chalmers also dismissed the accusation that the surplus had come off the back of coal prices, saying that while the resources sector made an “important contribution” to the budget, it was not the biggest contributor.“Twice that comes from a much stronger labour market and the fact that after a decade of wage stagnation, we’re seeing the welcome beginnings of wages growth. That’s made a contribution to the improvement here.
“In dollar terms, it will show the biggest budget turnaround on record, as a consequence of our responsible economic management,” Chalmers told reporters today. We are now forecasting a surplus this year, smaller deficits after that, and less debt throughout the budget. If this eventuates, this will be the first budget surplus in 15 years.”
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