September 30th 2024.
In a major announcement, Jim Chalmers has confirmed that the federal budget has achieved a back-to-back surplus for the first time in more than 15 years. This impressive feat was revealed by the Treasurer during a press conference where he presented a final economic update for the previous financial year, revealing a surplus of $15.8 billion.
Chalmers was quick to praise this accomplishment, stating that it is a testament to their responsible economic management. He highlighted that this is the first time in almost two decades that consecutive surpluses have been achieved. He also credited the surplus to Labor's careful spending restraint, which has led to a significant improvement in the budget.
The Treasurer clarified that this surplus was not achieved by increasing taxes but rather by reducing spending. He emphasized that this is a positive reflection of Labor's financial management and pointed out that inflation has decreased from 3.5 percent to 2.7 percent under their leadership.
Joining in on the praise was Finance Minister Katy Gallagher, who echoed Chalmers' message about the importance of spending control in achieving this surplus. She also took a dig at the opposition, saying that their claims about the surplus being achieved through the hard work of Australians and sheer luck were unfounded.
Earlier in the day, Shadow Finance Minister Jane Hume had made these claims, but Chalmers' announcement proved otherwise. This surplus is a result of Labor's careful and responsible financial management, and it is a significant milestone for the country.
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