Australian Treasury Officials Probed on $57 Billion Budget Deficit

Senators grilled officials on deficits, housing supply, CGT concentration, productivity and net zero land impacts.

Minister for Finance, Senator Katy Gallagher at the National Press Club in Canberra, Australia on March 7, 2024. AAP Image/Mick Tsikas

With inflation still running hot and interest rates elevated, Labor’s economic narrative came under fire during estimates as senators pushed Treasury and Finance officials on rising deficits, housing, and tax.

During the Senate Economic Legislation Committee hearing on Feb. 11, Liberal Senator James Paterson went straight to the government’s budget position, pressing Finance Secretary Jenny Wilkinson on whether bigger deficits and higher public spending risk adding to inflation.