Treasurer Jim Chalmers announced a smaller-than-expected deficit in the Albanese government's mid-year budget update.
Treasurer Jim Chalmers has revealed the Albanese government's mid-year budget update will deliver a deficit that is 'a bit smaller' than previously expected. The Treasurer told Sky News the government’s fiscal position has improved since the full budget in May. 'What you'll see in the mid-year budget update is actually a deficit which is a bit smaller this year since budget,' he said.
The Treasurer did not confirm how much lower the deficit was expected to come in after it was initially pegged at $28 billion for the 2024-25 financial year. Mr Chalmers acknowledged the “slippage” but blamed the high levels of government spending on what he has described as “unavoidable spending”, such as Medicare. “We found a way to get the budget much better, $200 billion stronger than we inherited,” Mr Chalmers said. The opposition has consistently argued the government’s ongoing spending and rising deficits have contributed to the cost of living crisis. Mr Chalmers confirmed there would be no new cost of living announcements during an interview with ABC on Tuesday. “This mid-year budget update is not a mini budget”, he said.
BUDGET DEFICIT ALBANESE GOVERNMENT ECONOMICS COST OF LIVING
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