The Labour government is touting the “biggest budget turnaround on record”. Read more at straitstimes.com.
CANBERRA – Resource-rich Australia is projecting its first budget surplus in 15 years, the country’s treasurer said on Tuesday, heralding a commodities-fuelled victory for the year-old centre-left government.
The Labor party came to office in May 2022 after nearly a decade of conservative rule that saw state coffers strained by the Covid-19 pandemic, sweeping tax cuts and soaring defence spending. The projected surplus for this financial year will be delivered thanks in part to rising tax income – caused by record-low unemployment – but above all sky-high commodity prices.
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