Australia unveils US$6 billion budget surplus, sets clean energy focus

CANBERRA, May 14, (AFP) - Australia unveiled a US$6 billion budget surplus on Tuesday, touting a clean energy "transformation" that could eventually shift the mining superpower away from fossil fuels.

"This budget invests in our renewable energy superpower ambitions," said Treasurer Jim Chalmers, outlining a suite of investments in solar panels, critical minerals, and emissions reduction technologies. Chalmers said the country was on track to bank a budget surplus of Aus$9 billion this year, a windfall propped-up in part by surging prices for iron ore and coal.

While heavily-polluting commodities were projected to fuel Australia's economy for years to come, Chalmers said the mining giant could no longer ignore the clamour for clean energy.