Revenues have been higher than first expected because the economic recovery from the COVID-recession was much stronger than expected, meaning higher payroll tax and stamp duty revenues, and because of super-high commodity prices, primarily coal but to a lesser extent oil and gas, associated with ...
given the strong recovery post-COVID and high commodity prices, the Government could have done more to tighten the Budget so it wasn’t adding as much to aggregate demand and very likely contributing to the higher-than-usual inflation we’ve been experiencing....