Australia’s federal budget is on-track for a deficit of $26.9bn this financial year and is not projected to return to balance until 2034-35, according to the midyear economic update (Myefo).
On Wednesday the treasurer, Jim Chalmers, and the finance minister, Katy Gallagher, released the update, which breaks Labor’s streak of two full-year budget surpluses with a deficit in its third year, albeit one that is $1.3bn smaller than projected in May.
