Original article by Thomas Henry
The Australian – Page: 1 & 4 : 23-Sep-26

Treasurer Jim Chalmers says he has not "necessarily" given up on returning the budget to surplus, despite the latest Intergenerational Report’s projection that Australia faces deficits for the next four decades. Meanwhile, KPMG’s chief economist Brendan Rynne has warned that decades of budget deficits would be "incredibly politically damaging" for any government, as households ultimately bear the cost of higher government debt. He estimates that without further cuts to government spending or changes to the Treasury’s long-term productivity assumptions, Labor will be forced to collect more taxes from Australian consumers or businesses in order to repair the budget. Rynne says this would most likely be via an increase in the GST or personal income tax rates.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, KPMG AUSTRALIA PTY LTD