High inflation, a rising stockmarket and back-to-back budget surpluses have driven federal government net debt levels to a seven-year low, but economists say the looming decade of deficits will put borrowing back on an upward trajectory.
Treasurer Jim Chalmers on Monday announced the federal government recorded a $15.8 billion surplus in 2023-24, marking the second consecutive financial year the budget has been in the black.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
