Tuesday’s budget will show Labor’s back-to-back surpluses giving way to a decade of deficits
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Australia’s debt burden will continue to grow in this financial year, Treasury has confirmed, even as Jim Chalmers claimed credit for the country’s much stronger fiscal position than was predicted leading into the last election.
On the eve of Labor’s fourth budget, the latest official estimates show gross debt – or the outstanding face value of commonwealth government bonds – will climb from $906.9bn in 2023-24 to $940bn in 2024-25.
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