International Monetary Fund (IMF) forecasts suggest Australia will have the fourth-strongest budget balance as a share of GDP among G20 countries in 2023.
 
Australia’s general government budget balance – which combines the fiscal positions of all federal, state and territory governments – is expected to be -1.4% for this calendar year. That compares to an average of -6.1% for the advanced economies within the G20 group.
 
Australia is also expected to outperform America (-8.2%), Japan (-5.6%) and the UK (-4.5%), which will also run deficits, although underperform Singapore (3.2%), Ireland (1.7%) and Switzerland (0.1%), which will run surpluses.
 
“The IMF recommends governments rebuild their fiscal positions to withstand future economic shocks and that’s exactly what the Albanese government is doing,” Treasurer Jim Chalmers said.
 
“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.”