Federal Budget 2024 LIVE: Jim Chalmers to deliver $9.3billion surplus

Treasurer Jim Chalmers will present back-to-back budgets in the black, with new forecasts of the country’s finances showing a $9.3 billion surplus for the current fiscal year.

But even with the significant turnaround since the mid-year budget update (MYEFO) forecast a razor-thin deficit of $1.1 billion just six months ago, the budget will be back in the red from next financial year as rising spending and rising unemployment puts pressure on the economy. bottom line.

Each of the next three years will see higher deficits than the government previously forecast, thanks to what it calls “unavoidable spending.”