Budget 2023: surprise surplus

Although the surplus will be short-lived – this financial year only – it was one of the many upgrades contained within the budget papers.

"The cost of living was key to new policies announced, including an increase to JobSeeker of $A40 per fortnight.”

The sum of budget deficits have been halved relative to October 2022, largely as a result of economic parameter changes which added $A146 billion to underlying cash balances from 2022-23 to 2026-27.

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The cost of living was key to new policies announced, including an increase to JobSeeker of $A40 per fortnight.  

Overall, the budget showed an increase in payments, but not enough to actually increase payments as a share of gross domestic product.

Adelaide Timbrell is a Senior Economist at ANZ

This article originally appeared in ANZ Insights on 10 May 2023