Tax & Spend
Australia’s Budget Deficit Is Set to Halve on Commodity Boom
- Treasurer Jim Chalmers to unveil first budget on Tuesday night
- Budget to show faster inflation and weakening economic growth
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Australia’s budget deficit in fiscal 2023 is set to be less than half the level anticipated by the previous administration in March, bolstered by windfall revenue from surging commodity prices.
The underlying cash deficit in the 12 months through June 2023 will be A$36.9 billion ($23.4 billion), figures released prior to Tuesday’s announcement showed. That compares with A$78 billion forecast by the former conservative government when it laid out its plan for the fiscal year almost seven months ago.