Tue. Nov 5th, 2024
Occasional Digest - a story for you

In an extraordinary turnaround, updated financial statements show the government is swimming in cash.

Federal government finances, or the budget, is updated throughout the year.

The revised budget estimate for the 2022-2023 financial year was an underlying cash surplus of $4.2 billion.

Earlier this week Treasurer Jim Chalmers said the final budget outcome was likely to be “substantially” higher than that.

New figures today show just how substantial the improvement is.

The underlying cash balance for the year to May (2022-2023) has come in at $19 billion.

Total receipts were $8.5 billion higher than the 2022-23 Revised Budget profile.

Total payments were $3.0 billion lower than the 2022-23 Revised Budget profile.

And up until now, net debt has been estimated at roughly $1 trillion.

Today’s figures have it dramatically lower at $516.7 billion.

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