Budget 2026: Govt set to reach surplus by 2028/29 financial year

Against expectation, the Government will reach surplus a year earlier than forecast. Treasury’s forecasting a $2.6 billion dollar surplus in the 2028/29 financial year - the first in a decade. It’s a year earlier than predicted in December's Half Year Fiscal Update. The forecast uses the OBEGALx measure, which excludes ACC. Contributions to the Super Fund will also rise to $3.1 billion over the next four years, $2.2 billion more than expected. Treasury’s predicting the economy will grow 1.2 percent this year - 0.5 percent lower than forecast in December, due to the ongoing oil price shock. Growth will rebound to 2.3 percent next year, and 3.2 percent in 2028.

Go to News Site