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.
