Final Budget Outcome a testament to Coalition's strong economic management

A joint media release with
The Hon Angus Taylor MP
Shadow Treasurer

28 September 2022

Today’s Final Budget Outcome has revealed a remarkable turnaround in Australia’s financial position. 

The deficit improved by over $100 billion or 5 percentage points of GDP between 2020-21 and 2021-22.

It is a testament to the Coalition’s strong economic management with a $48 billion reduction in the deficit, $115 billion reduction in debt compared to the March Budget and a surplus in the most recent month of June of $1.4 billion.

Shadow Treasurer Angus Taylor said this was a remarkable result, especially when you consider that for the first quarter of the year, both NSW and Victoria were still in COVID lockdown.

“The Final Budget Outcome shows that when you get the economic setting right, you get a fiscal dividend,” Mr Taylor said. 

“We have seen tax receipts up, including strong receipts from incomes tax. That is people in jobs, driving the economy and paying taxes.

“What should concern Australians is that despite a $115 billion reduction in the debt over the last year, the Treasurer confirmed today that his only plan is to add to it and tax Australians more.”

Shadow Minister for Finance Jane Hume said today’s Final Budget Outcome confirmed the policy settings put in place under the Coalition had delivered a strong economy and improved budget position.

“Labor went to the last election promising to make the Budget bottom line worse,” Senator Hume said.

"We need fiscal policy and monetary policy working together. The Government can’t leave it to the Reserve Bank to go it alone on inflation.

“We haven’t seen any economic plan from Labor. When you don’t have a plan, you plan to fail.

“We want the Government to succeed in this. We need the Government to succeed in this because the cost of failure is far too great for Australians.”