5 Fastest-Growing Budget Items Australia Must Control in 2025

The situation comes as economic growth also grinds to a crawl.

People visit the Christmas display windows at David Jones in the central business district (CBD) in Sydney, Australia on Dec. 6, 2024. Lisa Maree Williams/Getty Images

Australia’s Mid‑Year Economic and Fiscal Outlook (MYEFO) revealed a widening gap between government spending and the amount of revenue coming in.

The combined deficit over the next four years is projected to reach $143.9 billion (US$89.57 billion), about $21.8 billion worse compared to prior forecasts.