Australian government budget shows a surplus - it won't last

As posted yesterday the Australian Federal Government Budget release was expected to have a minimal AUD impact. And this has been the case.

If you are after some details on the budget ANZ have a good rundown summary here:

• BUDGET 23-24: return to surplus, but just for one year

As for policy ahead:

• There may be a rotation from inflation to unemployment as the focus of policy over coming years. Specifically, the budget papers show inflation moderating to 2.75 percent to June 2025 with the unemployment rate expected to rise to 4.5 per cent from 3.5 per cent currently.