Labor will prepay 40 per cent of next year’s disaster recovery budget in the latest sign Jim Chalmers is poised to deliver a far larger surplus than forecast.
The Albanese government will prepay 40 per cent of next year’s disaster recovery budget in the latest sign that Treasurer Jim Chalmers is poised to deliver a far larger surplus than forecast just one month ago.
Disaster recovery funding is usually paid to states after a local council has paid for the repair works out of their own budget, at which point the state submits an audited claim for financial assistance. The decision to bring the disaster recovery funding forward to this financial year provides yet another sign that the budget surplus is substantially higher than first forecast. Bringing the $1.8 billion in spending forward also improves the government’s chances of delivering another surplus next financial year, though Treasury’s official forecast is for a deficit of $13.9 billion.
”During the Australian Council of Local Government conference in Canberra this month, mayors and council representatives were clear about the growing need for more up-front help, and I’m very pleased the Albanese government has been able to deliver that so quickly,” Ms McBain said.
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