Australia sees higher debt, deficits even as spending curbed

Australian treasurer Jim Chalmers' first budget sought a fiscally prudent balance. (Image: Getty)

Wed, 26 Oct 2022

Australia faces mounting debt and deficits in the years ahead even as treasurer Jim Chalmers scrimped and saved in his first budget to hold down spending and avoid further fuelling inflation.The budget deficit will widen from 1.5% of gross domestic product (GDP) this fiscal year to 2% of GDP in 2024-25, driven by higher spending on the nation’s disability insurance programme and rising borrowing costs, treasury figures showed on Tuesday. That comes at a time when high commodity prices and an ultra-tight labour market are bringing win...

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