Australia sees wider budget deficits ahead as election looms

Quick Summary:

Australia’s budget is expected to slip deeper into deficit in the years ahead due to rising government spending and a weakening in key trade partner China, a mid-year fiscal update showed, with a national election due in less than six months.

The budget update showed Treasury maintaining a conservative stance, forecasting the iron ore price to drop to $60 a ton by September 2025, well below the current price of around $100.

The anticipated deterioration in the books is a blow to Treasurer Jim Chalmers, who has sought to construct a Labor government narrative of sound economic management ahead of an election that must be held by May 17.

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Author / Journalist: Ben Westcott and Swati Pandey | Bloomberg

Category: BusinessStartups

Markets: PhilippinesAustraliaChina

Topics: Deficit Expected Economy Economic Update Years Government Year Percent Budget Fiscal

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-18 @ 12:12:38 (19 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 805 words

Reading Time: 5 minutes read

Sentences: 24 lines

Sentence Length: 34 words per sentence (average)

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Copyright Owner: © Business Mirror

News ID: 24536959

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