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Australian Treasurer Jim Chalmers has delivered a $22.3 billion deficit in the 2025-26 financial year, $6 billion less than predicted in the May budget.
A budget deficit means the government spent more money than it received in revenue during the financial year.
The Treasury’s Final Budget Outcome released on Sept. 28 also found the Labor government collected $4.6 billion more in tax receipts than forecast, while costs to the government were $1.4 billion less than predicted.
The government said the upgrade in revenue was due to higher tax receipts from stronger super fund returns.
National Debt Over 30 Percent of GDP
The Labor government also revealed the nation’s gross debt was 33.2 percent of GDP in 2025-26, $10.6 billion lower than estimated at the budget….
A budget deficit means the government spent more money than it received in revenue during the financial year.
The Treasury’s Final Budget Outcome released on Sept. 28 also found the Labor government collected $4.6 billion more in tax receipts than forecast, while costs to the government were $1.4 billion less than predicted.
The government said the upgrade in revenue was due to higher tax receipts from stronger super fund returns.
National Debt Over 30 Percent of GDP
The Labor government also revealed the nation’s gross debt was 33.2 percent of GDP in 2025-26, $10.6 billion lower than estimated at the budget….
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