Australia Budget Gap to Narrow Sharply Then Swell, Deloitte Says
- Deloitte forecasts small Australian budget deficit in 2022-23
- Treasurer Chalmers to hand down his second budget on Tuesday
Photographer: Sergio Dionisio/Bloomberg
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Australia’s fiscal coffers will see a windfall gain from tax revenue due to high commodity prices and low unemployment, Deloitte Access Economics said, even as the nation’s long-term structural deficit worsens.
The budget shortfall for the year to June 30 is estimated at A$8.7 billion ($5.8 billion) or 0.3% of gross domestic product, Deloitte said in a report. That’s down from the government’s October forecast of A$36.9 billion, or 1.5%, of GDP.