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Australia boasts rare budget surplus, before spending gobbles it up again
Australia's Labor government on Tuesday boasted the first budget surplus in 15 years as strong jobs growth and bumper mining profits swelled its coffers, but it will quickly be swallowed up by spending on everything from health to energy and defence. In his second budget since winning power in May last year, Treasurer Jim Chalmers also announced billions in cost-of-living relief aimed at lowering power bills and consumer prices in a helping hand to the Reserve Bank of Australia's (RBA) fight against inflation. "Providing responsible, targeted relief is the number one priority in our Budget," Chalmers told lawmakers, ... (full story)