Australia’s budget surplus swells to $19bn due to surging tax revenue

Economist Chris Richardson says figure well above earlier forecasts is a reminder of how lucky the Lucky Country has been'

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The federal budget is on track to smash its earlier surplus forecasts as the government rakes in much more revenue.

The underlying cash balance for the 12 months to May was $19bn, well above the $4.2bn surplus flagged for the 2022-23 financial year in the last federal budget.

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