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Business

Poppy Johnston

RARE PHOTOS: Surplus in sight but treasurer plays down final number | Rare Historical Photos

Jim Chalmers Lukas Coch

Forecasts of a second federal budget surplus come as the government faces pressure over inflation. (Mick Tsikas/AAP PHOTOS)

Australia is heading towards back-to-back surpluses for the first time in almost two decades.

The underlying cash balance for the financial year to the end of May was $18.2 billion, above the $9.3 billion forecast in the federal budget for the 2023/24 financial year.

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