Australian government reports $22.3 billion deficit for 2025-26 financial year
1 report, 1 independent
Updated Mon 00:00
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What happened
Australian Treasurer Jim Chalmers reported a $22.3 billion deficit for the 2025-26 financial year, which was $6 billion lower than the May budget forecast. The nation’s gross debt was reported at 33.2 percent of GDP, $10.6 billion below the initial estimate. Katy Gallagher defended the government's budget management policy in response to the figures.
From theepochtimes.com
Why it matters
The government stated the deficit was 0.8 percent of GDP, which is half the 1.6 percent forecast by the former Coalition government. Chalmers attributed the improved receipts overwhelmingly to higher super and investor income, rather than increased mining profits or wage earners.
From theepochtimes.com
Who's involved
- Jim ChalmersAustralian Treasurer who delivered the budget figures and explained the deficit outcome.
- Katy GallagherFinance Minister who defended the government's budget management policy.
- governmentThe governing body responsible for the fiscal policy and budget management.
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The entities involved
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Katy Gallagher
6th Chief Minister of the Australian Capital Territory (born 1970)