Tuesday’s budget will show Labor’s back-to-back surpluses giving way to a decade of deficits
Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcast
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.
About Author
More Stories
Australia news live: Chalmers warns of ‘global dislocation’ as Treasury reveals biggest threats to economy
First group of white South Africans arrive in US after Trump grants refugee status
Hamas frees last living US citizen held in Gaza in what Trump calls a ‘good faith step’