Govt spending pushes Australia's books into the red

Jim Chalmers is trying to drag down inflation across the Ditch. (Image: Bloomberg)

Wed, 15 May 2024

(Bloomberg) - Australia plans to unleash a wave of spending from energy rebates to tax breaks for critical minerals and new warships as the centre-left Labor government tries to win back voters ahead of an election due in a year.The government’s books will swing into the red to the tune of A$28.3 billion (NZ$31b), or 1% of gross domestic product, in fiscal 2025, swelling to A$42.8b in the following 12 months, the budget papers showed. The 2025 deficit is more than double estimates and comes after the government posted surpluses in it...

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