- In short:The federal budget will reveal a $9.3 billion surplus for the 2023-24 financial year, which ends next month.
- The next three years will all have larger deficits than expected in December.
Today's federal budget will deliver a $9.3 billion surplus for the current financial year ending in June.
It's the second consecutive budget surplus – where revenue exceeds spending – in nearly two decades.
But the next three financial years will each have higher deficits than the government had expected, owing to what it calls "unavoidable spending as recently as December
The size of those deficits is not yet known, but the December estimates were $18.8 billion, $35.1 billion and $19.5 billion, respectively.
as recently as December.....they have no idea what is going on
