Treasurer Jim Chalmers’ budget surplus of $22.1 billion is “just dumb luck”, according to former Howard government minister Peter McGauran. His comments come after Labor announced Australia’s first surplus in 15 years. “Coal and gas income is through the roof, personal income tax is up because there’s a lower number of people unemployed and company profits are up,” Mr McGauran told Sky News Australia. He said the surplus came down to being “all receipts”. “Has there been any reform or restructure of the tax system? No. Has there been any productivity gains? No. Has there been giving into the unions on everything? Yes.”
Treasurer Jim Chalmers’ budget surplus of $22.1 billion is “just dumb luck”, according to former Howard government minister Peter McGauran.
“Coal and gas income is through the roof, personal income tax is up because there’s a lower number of people unemployed and company profits are up,” Mr McGauran told Sky News Australia.“Has there been any reform or restructure of the tax system? No. Has there been any productivity gains? No. Has there been giving into the unions on everything? Yes.”
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Chalmers announces 'biggest surplus ever'But he warned pressures on the budget were intensifying, not easing.
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Treasurer announces Labor’s first surplus in over 30 years at $22.1bTreasurer Jim Chalmers has announced Labor’s first surplus in over 30 years at $22.1 billion. Mr Chalmers said surplus isn’t an “end in itself” but a foundation for investing in the future. “This surplus is a consequence of spending restraint, banking upward revisions in revenue and also finding substantial savings in the budget,” Mr Chalmers said during a media conference on Friday. “Now this is not the first time that a government has received a substantial improvement in revenue. “But what is different this time, is instead of spending most of that, which our predecessors did, we have banked almost all of it and that has made the difference.”
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