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AAP
AAP
Politics
Jacob Shteyman

Budget fundamentals smashed as storms cloud outlook

Jim Chalmers Deficit Australia Lukas Coch Economy United States
Jim Chalmers says Australia is well placed to navigate the global economy's growing storm clouds. (James Ross/AAP PHOTOS)

Australia is on track for structural deficits as far as the government can see, clouding the economy's final approach to a soft landing.

Treasurer Jim Chalmers' federal budget unveiled on Tuesday night locks in underlying deficits until 2035/36 as a result of ballooning spending and lower revenue growth than previous years.

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