Spending hits 40-year high outside of pandemic

Spending hits 40-year high outside of pandemic

Treasurer Jim Chalmers’ budget contains 20 major spending measures and just three big savings items. Economists warn promises of future spending restraint seem unrealistic.

Federal Budget: Spending At 40-year High, Debt Servicing Costs Soar, And Nature Positive Is Back

“Tonight’s budget confirms the federal government’s fiscal footprint is inexcusably on track to rise to 27 per cent of GDP for the first time in 40 years outside of the pandemic. Productivity and economic growth will ultimately suffer as more of the economy’s resources are diverted to unproductive ends,” said Adam Creighton, Chief Economist at the Institute of Public Affairs. Tonight’s release of the 2025 federal budget signals more of the same …