Senator the Hon Katy Gallagher

The Albanese Government’s responsible budget strategy has seen Australia move up the global league table for fiscal management, according to figures released overnight by the International Monetary Fund. 

Australia is expected to have the 4th strongest budget balance as a share of GDP among G20 countries in 2023, up from 15th position in 2021, the IMF Fiscal Monitor shows.

This is a rapid and extraordinary improvement in our global ranking made possible because of the Albanese Government’s responsible approach to managing the budget.

Australia’s general government budget balance is projected to narrow from -6.5 per cent of GDP in 2021 to -1.4 per cent of GDP in 2023, according to the IMF. The calendar year data combines the fiscal positions of both the Commonwealth and state and territory governments.

Australia ranks ahead of major economies including Germany, Japan, the UK and the US.

The IMF recommends governments rebuild their fiscal positions to withstand future economic shocks and that’s exactly what the Albanese Government is doing.

The Government last month confirmed a surplus of $22.1 billion for 2022-23 – a $100 billion turnaround in the forecasts inherited from the former government and the biggest nominal budget improvement in Australian history. 

Our responsible budget management has delivered the first surplus in 15 years while also taking pressure off inflation.

We returned the vast majority of revenue upgrades to the bottom line when inflation was at its peak in our economy.

Our budget strategy has been exactly right for the times and exactly right for the challenges we confront.

We are getting the budget in much better nick at the same time as providing billions of dollars in cost-of-living relief to Australians doing it tough, including energy bill rebates, cheaper medicines and cheaper childcare.

The Albanese Government remains focused on dealing with the immediate challenges Australians are facing, while at the same time building a stronger, more productive, and more resilient budget and economy.