SYDNEY: Australia's government on Wednesday (Dec 18) trimmed its likely budget deficit for the current fiscal year, but flagged bigger shortfalls ahead due to "unavoidable spending" on health, cost-of-living relief and veterans care. Facing a tough election next year, the centre-left Labor government said

Channel News Asia

Singapore

Australia's government spends its way to bigger budget deficits

Media Bias/Fact Check

Government of Singapore

SYDNEY - Australia's government on Wednesday trimmed its likely budget deficit for the current fiscal year, but flagged bigger shortfalls ahead due to \"unavoidable spending\" on health, cost-of-living relief and veterans care.

The Straits Times

Singapore Press Holdings

Australia’s fiscal trajectory has sparked warnings from an economist and think tank, who point to the widening deficit and lack of restraint around government spending.
While there were minor improvements for Australia’s financial position in the short term, the long-term forecasts reveal a troubling scenario of escalating debt and stagnant productivity.
Treasury’s Mid-Year Economic and Fiscal Outlook (MYEFO), released by Treasurer Jim Chalmers,…

Ad Fontes Media

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The Epoch Times

Epoch Media Group

New York

United States

Debt Storm Brewing: Economists Warn Australia’s Budget on Shaky Ground

Australia's budget deficits are set to widen due to growing spending and falling tax, despite a better-than-expected forecast for the current financial year.

SBS News

Australian Government

Sydney

New South Wales

Australia

Worsening deficits, higher spending: Jim Chalmers unveils mid-year budget update

Jim Chalmers, Anthony Albanese and Katy Gallagher… the return to red ink in the government books follows two straight surpluses of $22 billion and $16 billion in 2022/23 and 2023/24, respectively. (Mick Tsikas/AAP PHOTOS) By Jacob Shteyman in Canberra Australia’s finances have been slugged by a $21.8 billion downgrade over the next four years as spending rises and tax receipts plunge. The degradation of the fiscal bottom line was laid bare in We…

Canberra CityNews

Canberra

Australian Capital Territory

Deeper deficits as the budget returns to red ink

AUSTRALIA’S government on Wednesday trimmed its likely budget deficit for the current fiscal year, but flagged bigger shortfalls ahead due to “unavoidable...

Business Times

Australia’s government spends its way to bigger budget deficits

Australia’s budget is expected to slip deeper into deficit in the years ahead due to rising government spending and a weakening in key trade partner China, a mid-year fiscal update showed, with a national election due in less than six months. While the budget shortfall is forecast to narrow slightly…

BusinessMirror

Australia sees wider budget deficits ahead as election looms | Ben Westcott and Swati Pandey

Dr Shane Oliver, Head of Investment Strategy & Chief Economist at AMP, discusses the Mid-Year Economic and Fiscal Outlook. Key points: 
The Federal Government’s Mid-Year Economic and Fiscal Outlook (MYEFO) confirms a return to budget deficit this year and has revised up its deficit projections sharply reflecting increased spending in existing programs, less corporate tax revenue and policy changes. The deficit for this year is now forecast to be…

sharecafe.com.au

Mid-Year Economic and Fiscal Outlook (MYEFO) - deficits, high spending making things hard for RBA

Australian budget deficits are projected to rise by $21.8 billion over the next four years, reaching $143.9 billion, due to “unavoidable spending.” This fiscal year sees a slight improvement with a deficit reduction from $28.3 billion to $26.9 billion. However, projections indicate an increase from $42.8 billion to $46.9 billion for 2025-26, equating to 1.6 percent of Australia’s GDP. This deficit would be the highest outside of the pandemic sin…

Australia's government spends its way to bigger budget deficits

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