Original article by Patrick Commins
The Australian – Page: 1 & 4 : 26-May-22

The Coalition’s pre-election economic and fiscal outlook had forecast a Budget deficit of $80bn in 2021-22 and $78bn in the following financial year, before falling to $43bn by 2025-26. However, Treasurer Jim Chalmers has warned that Labor’s first Budget in October will reveal that the nation’s finances are in a much worse state than the pre-election update had indicated. Chalmers says inflation, rising interest rates and falling real wages are the "defining challenges" for the Australian economy. Finance Minister Katy Gallagher has emphasised the need for strong fiscal discipline.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY