Australia rises to second in world budget management rankings, IMF data shows

Treasurer and finance minister hail ‘remarkable achievement’ as monitor finds balance to be behind only Canada among G20 countries

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Peter Hannam Economics correspondent

Thu 18 Apr 2024 01.00 AESTLast modified on Thu 18 Apr 2024 08.13 AEST

Australia’s overall budget balance is the second strongest among G20 nations, behind only Canada, according to the International Monetary Fund’s latest fiscal monitor.

The IMF’s half-yearly update, released on Wednesday night, found Australia’s overall budget balance came in at -0.9% of gross domestic product in 2023, with only Canada’s budget position (-0.6%) faring better.

Australia has shot up the rankings in the latest data, having placed equal 14th in 2021 and seventh in 2022, when it fared worse than countries such as Korea, Russia and Saudi Arabia.

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The treasurer, Jim Chalmers, and the finance minister, Katy Gallagher, hailed what they described as a “remarkable achievement” in Australia’s budget management since they took office. The balance includes the budgets of the states and the commonwealth.