The government’s budget deficit has been set to grow even larger due to falling tax revenue and higher spending.
Budget deficit to hit $33.5 billion in blow to Jim Chalmers amid slowest economic growth since early 1990s, bar COVID
According to Deloitte, the country's economic growth has been forecast to remain weak, with the federal budget set to worsen significantly. "Outside of a crisis… This is the most significant deterioration in the budget bottom line that we’ve seen," Deloitte Access Economics partner Stephen Smith told Sky News on Monday.
The government’s reliance on commodity prices, particularly the iron ore price, which has dropped by 30 per cent this year, has also contributed to the budget’s deterioration.
Albanese Government Deloitte Access Economics’ Half-Yearly Budget Moni Deloitte Access Economics Partner Stephen Smith Fiscal Outlook Economy Labor Stephen Smith Andrew Bragg Treasurer Jim Chalmers Economics Markets Deloitte Access Economics Federal Budget Australian Politics Finance Budget Federal Eelction
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