Australia’s federal budget is in surplus for the first time in 15 years, thanks to strong global commodity prices. The Office Department of Finance reported that the federal government’s cash balance in the 12 months to May was $19 billion, significantly higher than the originally forecasted $4.2 billion surplus. The surplus is primarily driven by higher-than-expected tax collection from the resources sector, particularly iron ore and coal. However, the opposition argues that the government can’t take credit for this surplus as it is a result of the previous coalition government’s policies. Prime Minister Anthony Albanese claims that the surplus is a result of his government’s responsible economic management. Despite the positive sentiment, some critics argue that the surplus is simply a one-off and doesn’t demonstrate good long-term economic policy. The surplus has helped pay off some of Australia’s debt, which stood at $897 billion in May. The surplus also has implications for the country’s cash rate and inflation. Government policies to reduce public spending can help ease pressure on the Reserve Bank of Australia to increase the official interest rate. The government believes that recent public sector wage hikes will not contribute to inflation.