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Treasury budget forecasts for underlying cash balance

Here are Treasury’s forecasts for the underlying cash balance starting with a $4.2 billion surplus in 2022/23, followed by deficits in coming years.

Treasury forecasts for cash balance Treasury's forecasts for the underlying cash balance start with a $4.2 billion surplus in 2022/23.
May 10, 2023
By Kaaren Morrissey
10 May 2023


Treasurer Jim Chalmers is predicting an underlying cash surplus for the 2022/23 financial year – the first delivered by an Australian government in 15 years.

This follows a substantial budget improvement since October on the back of higher commodity prices, a tight labour market and high corporate profits.

Deficits will follow for 2023/24 onward, albeit smaller than what the Labor government flagged six months ago.


* 2022/23 – $4.2 billion (*$36.9b)

* 2023/24 – $13.9b (*$44b)

* 2024/25 – $35.1b (*$51.3b)

* 2025/26 – $36.6b (*$49.6b)

* 2026/27 – $28.5b (n/a)

Total over four years: Cumulative deficit of $109.9b.

(*Forecast in 2022/23 budget papers released in October)

Source: Treasury

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