Treasurer Jim Chalmers hands down the 2024 Federal Budget

Treasurer Jim Chalmers has unveiled his federal budget for the next financial year and announced a budget surplus for the second consecutive time - the first time that's happened since before the Global Financial Crisis in 2008.

Prime Minister Anthony Albanese listens as Treasurer Jim Chalmers delivers the 2024/25 Budget Source: AAP / Lukas Coch

However, Dr Chalmers says that Australia’s budget has returned to surplus faster than any other major advanced economy.

Inflation is the budget’s primary focus in the near term, and he says Treasury is positive about the year ahead.

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