After two successive surpluses, the federal budget will be back in deficit in 2024–25, according to the much-anticipated budget update released on Wednesday.
Known as the Mid-Year Economic and Fiscal Outlook (MYEFO), the update shows the budget is forecast to stay in deficit in years to come.
The MYEFO is a little more downbeat than at budget time with lower growth and wage forecasts in the current financial year, but only by a quarter of one percent.
