A $30 billion improvement to the bottom line in just three months – including a $1.4 billion surplus for March – has vindicated the government’s decision to shift gears on budget strategy and try to drive the jobless rate to below 5 per cent, Finance Minister Simon Birmingham says.
Figures released on Friday show a $5.1 billion surge in income tax receipts due to falling unemployment was a key factor in the improvement, while record monthly collections of superannuation and company taxes reflected the rebounding share market and business sector.
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Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence. Connect with Phillip on Facebook and Twitter. Email Phillip at pcoorey@afr.com
John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
