Treasury has updated its economic and fiscal forecasts for the next four years in its mid-year budget update. BUDGET DEFICITS (PREVIOUS IN BRACKETS): * 2025/26 – $36.8 billion ($42.2b) * 2026/27 – $34.3b ($35.4b) * 2027/28 – $36.2b ($27.1b) * 2028/29 – $36b ($37b) * Total – $143.3b ($151.7b) GROSS DEBT: * 2025/26...
Treasurer Jim Chalmers will unveil a $5.4 billion improvement in the federal budget this financial year, even as the deficit sinks to its worst level in five years. With judicious use of words such as “sensible” and “restraint”, Dr Chalmers will tout the government’s responsible economic...
Treasurer Jim Chalmers has used a $4.9 billion blowout in home battery subsidies to claim the government saved taxpayers $6.7 billion in the mid-year budget update. The battery subsidy program was initially set to cost taxpayers $2.3 billion but the forecast cost was revised up to...
A messy jobs report will provide the Reserve Bank with little clarity as it tries to discern just how tight the labour market is. The central bank is piecing together data to get a clearer picture of the economy for a crucial interest rate decision in...
The treasurer has been urged to raise the GST, lower the capital gains discount and introduce a modest inheritance tax to fix his ailing budget as Australia’s nascent data centre boom lifts productivity hopes. In next week’s Mid-Year Economic and Fiscal Outlook, Jim Chalmers will reveal...
A large gulf on the cost of groceries remains between Aldi and the major supermarkets, ahead of rules cracking down on price gouging coming into effect. The latest quarterly survey of supermarket prices by consumer advocacy group Choice found Aldi had the cheapest basket of items,...