Commentary
Amid growing fears of a recession, Federal Treasurer Jim Chalmers announced on June 28 that the $4.2 billion (US$2.8 billion) surplus forecast for the 2022-23 budget will be higher.
Key drivers of the improved budget position were understood to be, among other things, higher tax revenue and stronger commodity prices than forecast by the Commonwealth Treasury in May.
Former Western Australia Premier Mark McGowan had previously announced on May 11 last that swelling iron ore royalties and GST payments from the Commonwealth were the reason for the West Australian (WA) state budget having a bumper surplus of more than $4 billion for the third straight year….