Jim Chalmers presents a budget riddled with deficits, a stark contrast to previous surpluses. The significant financial shortfall, reaching $46.9 billion by 2025-26, highlights long-standing fiscal challenges faced by both Labor and Liberal governments. Chalmers attributes the increase in spending to factors like the GST and investments in crucial areas like aged care and veterans' affairs, but acknowledges the need for 'courageous' decisions in the future.
Jim Chalmers has delivered a set of budget numbers covered in red – that’s bad news for Anthony Albanese and also for Peter Dutton.
But for 2025-26, the treasurer reckons the deficit will expand to $46.9 billion. It would be the sixth-largest budget deficit, in nominal terms, on record. But no matter if the spending is well-intentioned or deserving, it’s still spending at a time when the Reserve Bank is trying to get inflation down.
Which leads to the problem facing Dutton, his shadow treasurer Angus Taylor and finance spokeswoman Jane Hume.
Australian Budget Deficits Fiscal Policy Elections Spending
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Australia's Budget Plunges into Deficit, Raising Concerns for Both Major PartiesJim Chalmers unveiled a budget marked by significant deficits, posing challenges for both the Labor government and the opposition Coalition. The budget reveals the long-standing fiscal issues faced by successive governments, with a projected deficit of $26.9 billion for the current fiscal year and an anticipated expansion to $46.9 billion by 2025-26. Chalmers attributes the spending surge to factors like the Goods and Services Tax (GST) and increased funding for vital sectors like aged care, veterans, and childcare.
Read more »
Coalition accuses Chalmers of reviving ‘Mediscare’ to defend budgetJim Chalmers has pressed the Coalition to reveal whether it will make cuts to healthcare as Shadow Treasurer Angus Taylor claimed Labor had “lost control” on its spending.
Read more »
$27 billion blowout as Chalmers admits budget sinking further into redThe nation’s finances will be a key battleground at next year’s election. New figures suggest the budget bottom line is getting much worse.
Read more »
Chalmers unveils $22 billion budget blowoutTreasurer Jim Chalmers has revealed a big hit the budget bottom line with nation’s debt set to crash through $1 trillion in the coming year.
Read more »
$27 billion blowout as Chalmers admits budget sinking further into redThe nation’s finances will be a key battleground at next year’s election. New figures suggest the budget bottom line is getting much worse.
Read more »
Treasurer Jim Chalmers defends Labor’s balance sheet ahead of budget updateTreasurer Jim Chalmers has defended the Albanese government's balance sheet as the 'biggest positive turnaround' in a budget in a single parliamentary term 'in history'.
Read more »