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Surplus or not, the budget papers show us living through pretty awful times.

Living standards measured by the buying power of wages are set to go backwards in 2023-24 as wages are expected to grow by 3.75% while prices rise by 6%.

Separate figures released by the Bureau of Statistics as Treasurer NAME_1 was preparing to deliver his speech show the volume of goods and services bought from Australian retailers has shrunk for the past six months.
Made with Flourish 

Living standards measured by gross domestic product are set to go backwards in 2023-24 as total GDP grows by an unusually low 1.5% while Australia’s population grows by 1.7%, producing a so-called “per capita recession”.

The good news on the government’s finances is largely historical.
The good news is old news

The budget positions for 2022-23 and 2023-24 have been improved by $42 billion each because of measures largely outside the government’s control (so-called “parameter and other variations”).

Chief among these has been an unexpectedly big increase in the number of Australians in work and subject to income tax (as the unemployment rate has fallen to a half-century low), and much higher prices for exports than expected (roughly twice as high for case of iron ore), producing more profits to tax.

The government has chosen to spend just $1 billion of the $42 billion bounty in 2022-23 and just $12 billion i Avoid using the following keywords: australia, linkedin, case, speech
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