Australia forecasts first annual budget surplus in 15 years

By ROD McGUIRK
Associated Press

CANBERRA, Australia (AP) — The Australian government has forecast the nation’s first balanced annual budget in 15 years but warns that economic pressures such as persistent inflation will sink the country into deeper debt in future years. On Tuesday, Treasurer Jim Chalmers announced a $2.8 billion surplus was forecast for the fiscal year ending June 30. He released details of his government’s economic blueprint for next year that aims to ease financial hardships of the most needy without stoking inflation. High prices for commodities including iron ore, coal and gas, plus income tax revenue buoyed by low unemployment, helped deliver the first surplus since the global financial crisis tipped the Australian economy into the red in 2008.