Australia has been ranked second in the G20 budget management rankings, according to the latest fiscal monitor published by the International Monetary Fund (IMF) overnight.

The nation has risen from 14th place in the 2021 ranking and is now positioned above advanced economies like Germany, Japan, the United Kingdom and the US. The only other country ranked higher is Canada.

The IMF forms the rankings by comparing budget balance as a share of GDP.

A joint statement from Treasurer Jim Chalmers, and Finance Minister Katy Gallagher said that the new ranking is a “remarkable improvement”.

“We know a stronger budget position is not an end in itself but an important way to provide cost‑of‑living relief without adding to inflation, build foundations for sustainable economic growth and fund the nation’s most pressing priorities,” it said.

The new Australian Federal Budget for the 2024/25 financial year will be handed down by Chalmers on 14 May.

Photo: ‘International Monetary Fund’ by Javier Ignacio Acuña Ditzel is available HERE and is used under a Creative Commons Licence. This image has not been modified.