Jim Chalmers warns not to expect budget surplus as treasury forecasts ‘difficult decisions’ ahead

Treasurer says it will take more than one budget to turn the Australian economy around amid a deteriorating global market

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The treasurer, Jim Chalmers, says people should not expect a surplus in this term of government despite a recent improvement in the budget bottom line, as he warns of deteriorating conditions in the global economy and intensifying spending pressures ahead.

On Wednesday, the government released the final budget outcome figures for 2021-22, which showed a $47.9bn improvement to the cash deficit for the year compared to the March budget, reducing from $79.8bn to $32bn.

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