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The Guardian - AU

Business

Patrick Commins

Jim Chalmers’ budget victory lap outpaces reality as Australia’s debt continues to climb

Jim Chalmers Australia Deficit Katy Gallagher Luke Yeaman

Treasurer Jim Chalmers and finance minister Katy Gallagher — Treasurer Jim Chalmers and the finance minister, Katy Gallagher: Australia’s final budget outcome confirmed the country’s finances slumped to a deficit of $10bn in 2024-25. Photograph: Mick Tsikas/AAP

It’s official, Jim Chalmers has not managed the budgetary equivalent of a “three-peat”.

After delivering two straight surpluses, Monday’s final budget outcome confirmed the country’s finances slumped to a deficit of $10bn in 2024-25.

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