Gold and AI boom fuel tax increases in Chalmers’ budget

The budget has received a huge revenue boost from higher inflation, soaring gold prices and the artificial intelligence-driven stock market boom, which economists say Treasurer Jim Chalmers cannot rely on to return the budget to surplus.

Labor’s half-yearly budget update on Wednesday recorded the highest automatic increase in projected tax revenues in two years, but failed to improve the budget balance due to the cumulative impact of government spending decisions across multiple households.

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