The latest data from the IMF shows that Australia has surged up global rankings for best budget management to have one of the three strongest budget balances in the G20, up from 14th under our predecessors.
Responsible economic management is a hallmark of the Albanese Labor Government and that's reflected in these new rankings.
This is an outstanding result that shows how responsible our budgets are and how resilient our economy has been in the face of extreme global uncertainty.
We're not immune from global volatility as a result of the conflict in the Middle East but thanks to the progress we've made in the budget, we're well placed to confront it.
The April 2026 Fiscal Monitor released overnight shows that Australia's budget balance as a share of GDP is expected to be the third best in the G20 in 2027, up from 14th in 2021.
Australia ranks ahead of advanced economies like Germany, Japan, the United Kingdom and the United States.
The calendar year data from the IMF combines the fiscal positions of both the Commonwealth and state and territory governments.
The data also shows that Australia has the fifth lowest debt as a share of GDP in the G20, a position which has also improved since 2021.
This report comes after the IMF earlier in the year in its Article IV report lauded Australia's economic performance, the Government's management of the budget and reform agenda.
The IMF said; "The Commonwealth has built a strong fiscal position that can help buffer future fiscal headwinds."
This podium finish is a result of the Government's responsible economic management.
The bottom line is $233.5 billion stronger than we inherited and that's possible because we have found $114 billion in savings and reprioritisations, kept average real spending growth low and banked the majority of revenue upgrades.
Despite all of this progress and this welcome recognition we know there's more work to do and that's why there'll be more savings and more restraint in May's Budget.
This Budget will be focused on fuel security and supply chain resilience, addressing inflation, boosting productivity and managing global economic uncertainty.
It will be a responsible Budget which balances the pressures in the here and now with our intergenerational obligations.
Budget sustainability will be an important part of our efforts and that's why we are very encouraged by this new data from the IMF.
