Australia’s government posts $14.2 billion budget surplus after 15 years in the red

By ROD McGUIRK
Associated Press

CANBERRA, Australia (AP) — Australia’s government has reported a $14.2 billion budget surplus for the last fiscal year. It’s the first time the nation’s books have been balanced in 15 years, with the government citing low unemployment and high prices for the country’s commodities, including iron ore, coal and gas. The surplus confirmed Friday for the year that ended June 30 is larger than the $2.8 billion result forecast in May. But Treasurer Jim Chalmers says he is not anticipating another budget surplus for the current fiscal year. He cites China’s economic problems and recent Australian interest rate rises continuing to weigh on growth.