Budget to confirm a surplus this year, but bigger deficits for the next three years
7 months, 1 week ago

Budget to confirm a surplus this year, but bigger deficits for the next three years

ABC  

In short: The federal budget will reveal a $9.3 billion surplus for the 2023-24 financial year, which ends next month. The federal budget will reveal a $9.3 billion surplus for the 2023-24 financial year, which ends next month. But the next three financial years will each have higher deficits than the government had expected as recently as December, owing to what it calls "unavoidable spending". But the government has argued its own budgets have improved by $200 billion over six years compared to the Coalition's own plans, in large part because of the enormous revenue upgrades that have been banked since that time "We're not taking lectures from the same Liberal and National clown show which left us … more debt and much bigger deficits," Mr Chalmers said.

Inflation Spending Billion Rba Surplus Federal Budget Revenue Upgrades  deficits  confirm  spending  bigger  inflation  financial  upgrades  surplus  federal  budget  billion  revenue

History of this topic

Here are seven charts to make sense of the Victorian state budget
7 months, 2 weeks ago

Here are seven charts to make sense of the Victorian state budget

ABC  

The Victorian government handed down its budget for 2024-25 yesterday. When analysing these figures together, we can see Victoria's debt will reach 24.4 per cent of its economy in the next financial year. Goal to reach budget surplus by June 2026 The Victorian government not only predicts a reduction in the debt ratio — it's forecasting a budget surplus. The …

Federal budget to haul in extra cash once again, but less than in previous years
7 months, 2 weeks ago

Federal budget to haul in extra cash once again, but less than in previous years

ABC  

Next week's federal budget will once again collect more in tax than expected, raking in an extra $25 billion over the five-year budget forecasting period. The windfall is smaller than in the past six updates, prompting Treasurer Jim Chalmers to warn his third budget would be characterised by "intensifying, not easing" financial pressure to show fiscal restraint. He said this …

Budget 2023: Key terms in the budget explained
10 months, 3 weeks ago

Budget 2023: Key terms in the budget explained

Hindustan Times  

Union Finance Minister Nirmala Sitharaman is set to present the interim Budget 2024 in Parliament on February 1- the last budget before the country goes into general elections. Here are some important terms that you should understand to be able to comprehend the budget announcements better: Budget 2023: Union Finance Minister Nirmala Sitharaman is seen. Consolidated Fund The entire revenue …

Minnesota budget surplus grows slightly to $2.4B. But officials warn of potential trouble ahead
1 year ago

Minnesota budget surplus grows slightly to $2.4B. But officials warn of potential trouble ahead

Associated Press  

ST. PAUL, Minn. — Minnesota’s budget picture remains stable in the near term, with a slightly higher than expected surplus heading into the 2024 legislative session. Budget Commissioner Erin Campbell called it a “significant structural imbalance” and insisted “it is not fair to call it a deficit” because surpluses from previous years will blunt the impact and allow the state …

The Federal Deficit Is Even Bigger Than It Looks
1 year, 2 months ago

The Federal Deficit Is Even Bigger Than It Looks

Live Mint  

When it comes to the size of the federal government’s annual deficit, appearances can be deceiving. The gap between spending and revenue for fiscal year 2023, which ended on Sept. 30, was $1.7 trillion, the Congressional Budget Office projected ahead of the official Treasury Department figures. When the Biden administration announced its plan to forgive federal student debt held by …

First surplus in 15 years expected as Albanese government delivers second budget
1 year, 7 months ago

First surplus in 15 years expected as Albanese government delivers second budget

ABC  

The federal government is forecasting a small budget surplus of about $4 billion this financial year, the first in 15 years. Key points: A small federal budget surplus is expected this financial year More deficits are predicted over the forward estimates The government will return 82 per cent of revenue upgrades to the budget bottom line If realised, Jim Chalmers …

Budget 2023: What are different kinds of budget presented by Centre?
1 year, 10 months ago

Budget 2023: What are different kinds of budget presented by Centre?

Hindustan Times  

All eyes are on finance minister Nirmala Sitharaman's Budget 2023 on February 1. A financial statement of the government’s expected receipts and expenses for the upcoming fiscal year, the union budget offers a bird’s eye view of the state of the economy. Balanced Budget: A budget is considered balanced when the estimated government expenditure is the same as the expected …

What will be the math behind Budget 2023?
1 year, 11 months ago

What will be the math behind Budget 2023?

Live Mint  

In the upcoming Union budget, the Centre will make prudent promises as always about keeping its finances in check. That’s changed: a fresh estimate released on Friday predicts growth at 15.4%, which means the Centre can keep its 6.4% promise even if fiscal deficit overshoots the target by about ₹0.9 trillion. View Full Image Mint Fiscal Hole In its budget …

Minnesota budget officials project huge $7.7 billion surplus
3 years ago

Minnesota budget officials project huge $7.7 billion surplus

Associated Press  

ST. PAUL, Minn. — Minnesota officials will release an updated budget forecast on Tuesday that’s expected to show further improvements and set the stage for the 2022 legislative session. This will be the first major revenue-and-spending forecast since projections from Minnesota Management and Budget in February, when an anticipated $1.3 billion deficit due to the pandemic swung to a $1.6 …

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