...and deficits

Australian surplus/deficits to GDP (%) since federation

Care needs to be taken when making comparisons over time due to structural breaks in the series. 1901 to 1952 data from Barnard Source Papers in Economic History 1986. 1953 to 1970 data from RBA. 1971 to 2024 data from Budget 2020-21 Papers.
Chart: @AndyBridger Source: Barnard, RBA and Treasury Get the data