Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

I'm much more likely to get a question about the economy from the wonderful member for Macquarie than from the shadow Treasurer opposite. In the spirit of the Prime Minister a moment ago quoting Chris Kenny, I thought I might start by quoting the member for Hume. The member for Hume said this. The week before the budget he said: 'The test for this budget will be to balance the budget.'

Next month we will hand down the final budget outcome and it will be better than balanced for the past year. We expect it to show a surplus just north of $20 billion. This is set to be the biggest nominal improvement in the fiscal position in the history of this Commonwealth, from a $78 billion deficit to a $20 billion or so surplus—a turnaround in the order of $100 billion in the first year of this Albanese government. A stronger budget is not an end in itself. It hasn't come at the cost of helping people who need our help, as the minister went through a moment ago.

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