The federal government reported a $5.3 billion surplus for the first two months of the 2022-23 fiscal year.
In its monthly fiscal monitoring report, the Treasury said the result compared with a deficit of $23.8 billion for the same period in 2021-22. There were surpluses of $2.7 billion for each of April and May.
The federal government says its financial results for 2022-23 continue to improve compared to the peak of the COVID-19 pandemic.
Program expenses, excluding net actuarial losses, decreased $17.9 billion, or 23.3%, largely reflecting lower transfers to individuals, businesses and other levels of government.
Public debt charges rose $1.7 billion, or 44.2 percent, mainly due to hot inflation and higher interest rates.
Revenue for the period increased $12.1 billion, or 20.3 percent. Net actuarial losses were $1.7 billion for the period, compared with nearly $2.6 billion a year earlier.
For subscribers: Get exclusive political news and analysis by signing up for Policy Briefing.
Add Comment