Significance The surpluses seen this year and last have proved an unexpected bonus for Labor and will enable a modest spending increase as the party prepares for the general election due by September 2025. Impacts Government policies will become more interventionist, with an emphasis on the micromanagement of economic issues. Economic growth will be restrained by stubborn inflation and global supply chain uncertainties. National defence will consume an increasing share of the budget as regional tensions persist and partnerships develop.
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