Monthly financial statements released by the Department of Finance this afternoon have confirmed the Coalition left the Australian economy in a strong position with a recovering budget.

The budget deficit for calendar year 2022 of $9.4 billion is a $200 billion turnaround from the peak of the pandemic. It reaffirms the Coalition’s economic management left the economy in a strong position for budget repair with record employment, record export figures and a recovering budget bottom line.

Australia’s economy had one of the strongest recoveries from the economic impacts of the pandemic and the improving budget position shows the Coalition’s targeted and temporary response was effective.

Along with returning the budget to balance before the pandemic, it shows the Coalition managed the economy effectively to create the most opportunities for Australian businesses and families to get into jobs, start a business and purchase a home. This is essential to effectively managing the cost of living challenges families are currently facing.

Shadow Treasurer Angus Taylor said the Coalition had always intended the budget impacts of COVID measures to be temporary and that today’s numbers prove that strategy worked.

“While tough decisions remain to return the budget to surplus, today's figures make it clear that any further deterioration in the economy and the budget will land squarely on the shoulders of the Labor Government,” Mr Taylor said.

“The single most effective tool a government has to control inflation is to control its spending.

“With inflation likely to be higher for longer, the Labor Government must urgently control its spending to help Australian families manage theirs.

“It is essential they re-evaluate big-spending programs they took to the election to avoid overstimulating the economy and making inflation worse.”

Shadow Minister for Finance Jane Hume said Labor was yet to implement a single policy that would grow the economy or bring down the cost of living.

"Labor doesn't have a plan for the economy and doesn’t have a plan to address the skyrocketing cost of living Australians are experiencing right now,” Senator Hume said.

"Labor should be finding ways to reduce their addiction to spending to slow inflation and not leave all the heavy lifting to the RBA. More than a third of Australian households have mortgages to pay and they are feeling the impact of the government's failure to manage inflation every month."

ENDS.