Australia’s Bigger-than-expected Budget Surplus Supports Fed’s Fight against Inflation

Treasurer Chalmers said the government expects a larger than expected budget surplus for the 2022-23 financial year.
Commonwealth Bank chief economist Stephen Halmarick said the latest tax and spending figures suggested Australia could run a surplus of around A$20 billion, equivalent to around 1.0 per cent of GDP.
Preliminary estimates published in May had projected a surplus of A$4.2 billion. The tightening of fiscal policy may help monetary policy bring inflation back to the 2%-3% target.