Are budget deficits back for longer?

Are budget deficits back for longer?
Investing in resilience to deal with extreme weather meets shrinking revenues in this year's budget. (Image: Getty)
Cameron Bagrie
The last six months have been notable for the emergence of economic indicators showing an economy off-track and in need of a reset.The rubber band is becoming more taut.Inflation started it: an imbalance between supply and demand.Of late we have seen a blowout in the current account deficit to 8.9% of gross domestic product.Meanwhile, local authorities are grappling with weak financial positions and $1.5 billion in deficits at a time when debt burdens are more of a concern because higher interest rates are biting.Watch local authority rates ris...

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