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28 September 2022 | Other

Australia announces growth in budget revenues due to exports

AUDUSD

Australia reported a significant improvement in fiscal year 2022 budget results. Rising commodity prices have brought windfall gains to government coffers while the deficit was A$32 billion ($21 billion), i.e. 1.4% of GDP.

The present final budget result showed an increase in tax revenue of A$27.7 billion in the light of high commodity prices and a reduction in government payments of A$20.1 billion in the period from 2021 to 2022.

By pushing its trade terms to new highs, Australia has been able to benefit from soaring commodity and energy prices, which, along with unemployment close to a 50-year low, has boosted tax revenues and lowered welfare payments.

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