Deficit blows out this year; surplus delayed for a year

Treasury secretary Caralee McLiesh. (Image: BusinessDesk)

Tue, 12 Sep 2023

The government is forecasting a blowout in the budget deficit for this year, to $10 billion, but a bounce back over the following years to still reach a budget surplus in the year to June 2027.Faster-than-expected inbound migration underpins the economic growth rate, which in turn keeps money coming into the government’s coffers, even though the budgets will be in red ink for another year. The Treasury’s pre-election fiscal and economic update (Prefu) shows deeper deficits at the operating balance before gains and losses (Obega...

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