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Expected growth figures were also revised downwards.
New figures reveal Australia’s financial position to be heading in a worse position than originally predicted.
The forecasted deficit for the current financial year is $26.9 billion, an improvement of $1.3 billion. However, over the next four years, the combined deficit will reach $143.9 billion—$21.8 billion worse than originally predicted.
Treasurer Jim Chalmers released the latest figures for Australia’s Mid‑Year Economic and Fiscal Outlook, which also revealed the country’s muted economic growth.
Treasury is now revising its growth forecast from 2 percent to 1.75 percent for the current financial year, while wage growth has been downgraded from 3.25 percent to 3 percent.
Household spending is now projected to grow by just 1 percent, compared to the earlier forecast of 2 percent.
“The economy has slowed more than we expected,” Chalmers said. “This is due to higher interest rates, cost-of-living pressures, and global uncertainty.”
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