Original article by Jack Quail
The Australian – Page: 1 & 4 : 26-Nov-24

Deloitte Access Economics expects the federal government to post a budget deficit of $33.5bn for 2024-25, following a surplus of $15.8bn for the 2023-24 financial year. The Treasury itself had forecast a 2024-25 deficit of $28.3bn, and a cumulative deficit of $122.1bn over the four-year estimates period; Deloitte now expects the latter figure to be $149bn. Deloitte partner Stephen Smith adds that both the government and the Opposition will face pressure to provide further cost-of-living relief ahead of the 2025 election. Deloitte also notes that there has been a sharp increase in ‘off-budget’ spending, while the firm expects net debt to reach $727.6bn by mid-2028.

CORPORATES
DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY