Australia’s Deficit to Be $22 Billion Worse Off Than Originally Predicted

Expected growth figures were also revised downwards.

Australian Labor Treasurer Jim Chalmers, Finance Minister Katy Gallagher (C), and Prime Minister Anthony Albanese speak to the media during a press conference at Parliament House in Canberra, Australia on Nov. 29, 2024. AAP Image/Lukas Coch

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.