Australia Reports Record Budget Surplus

Australia's federal government has announced a budget surplus of A$15.8 billion for the 2023/24 financial year, significantly exceeding the A$9.3 billion forecast made in May. This marks the first consecutive year of surpluses in nearly 20 years, attributed primarily to lower government spending despite a decline in tax revenue. Treasurer Jim Chalmers noted that this surplus could help ease inflationary pressures and potentially bring forward interest rate cuts by the Reserve Bank of Australia. Meanwhile, REA Group is considering a fourth takeover bid for Rightmove, as its shares remain below the offer's value. In the dairy sector, Fonterra has raised its dividend policy to retain its share of New Zealand's milk collection, reflecting its ongoing strategic adjustments. Despite these economic developments, skepticism remains regarding the effectiveness of China's recent stimulus measures.