The fiscal balance for the 2018-19 financial year to 31 May 2019 was a surplus of $13.7 billion. This is an increase from a surplus of $1,816 million from the April figures.
The underlying cash balance for the financial year was a deficit of $115 million, which was an improvement on the previous reporting period.
The figures improved due to the government spending less. In total, payments were lowered by 1.7 billion from the revised budget and total receipts increased by 1.3 billion.
Higher income taxes and strong commodity prices have combined to deliver a higher tax revenue for the Morrison government.
Total assets and liabilities
As at 31 May 2019:
- net worth is negative $442,116 million
- net debt is $375,608 million
- net financial liabilities are $647,813 million
Calls to spend more
The Reserve Bank of Australia believes the economy will benefit more from an increase in spending rather than a small budget surplus.
Governor Philip Lowe has previously stated that the Australian economy can sustain a higher level of employment through an increase in spending on infrastructure.
To achieve this level, the government would need to increase its spending, meaning it would not necessarily hit its projected surplus target.