Australia forecasts first annual budget surplus in 15 years

By ROD McGUIRK
Associated Press

CANBERRA, Australia (AP) — The Australian government has forecast the nation’s first balanced annual budget in 15 years but warns that economic pressures such as inflation will push the country into deeper debt in future years. Treasurer Jim Chalmers announced the forecasted surplus Tuesday before releasing the government’s economic blueprint for next year. Chalmers did not say how big the surplus will be, but media reported a $2.7 billion surplus was expected. High prices for commodities including iron ore, coal and gas plus income tax revenue helped deliver the surplus, which was also buoyed by an extraordinarily low jobless rate. The government’s budget plan for the upcoming fiscal year aims to ease financial hardships of the most needy without stoking stubbornly high inflation.