Treasury 2022/23 budget deficit forecasts

Disclosure Statement: Durand Financial Services Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. General Advice Warning: The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances.

FEDERAL BUDGET FORECASTS

The federal government’s budget black hole will persist for the foreseeable future, but there will be notable improvements from the new financial year.

By the end of 2025/26 the budget will be $103.6 billion better off, compared to the most recent estimates.

This assumes the deficit peaked in the 2021/22 financial year and contracts slightly to $78 billion in 2022/23, before falling more sharply in the out-years.

UNDERLYING CASH DEFICITS IN 2022/23 BUDGET:

2021/22 – $79.8 billion (*$99.2b previously)

2022/23 – $78.0 billion deficit (*$98.9b)

2023/24 – $56.5 billion deficit (*$84.5b)

2024/25 – $47.1 billion deficit (*$57.5b)

2025/26 – $43.1 billion deficit (*$68.1b)

* Mid-Year Economic and Fiscal Outlook (December 2021)

Source: Treasury

 

(Australian Associated Press)

0

Like This