Australia’s draft budget for a new fiscal year provides for a surplus for the first time since the crisis

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The Australian draft budget for the next fiscal year, tabled in Parliament by Chief Treasurer Josh Friedberg, was drawn up with a surplus of $7,100 million Australian dollars, corresponding to 0.4% of GDP. The surplus in the Australian draft budget is provided for the first time since the financial crisis, which became possible due to the expected increase in revenue from the export of coal and iron ore, as well as due to the planned increase in tax revenues. The draft budget is presented for the fiscal year from July 2019 to June 2020. In the next two years, Australia’s GDP growth is expected to accelerate from 2.25% to 2.75%. According to estimates by the Australian Treasurer, the budget surplus in the next fiscal year, which will end in June 2021, will increase and will be at the level of 11 billion Australian dollars.

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