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The Latest Breaking News from Federal Budget

This week’s federal budget will focus on cost-of-living measures – and a more uncertain global economy

Treasurer Jim Chalmers will bring down the federal budget on Tuesday.

The Conversation

Households guaranteed $150 energy bill rebate as Coalition matches Labor budget pledge

Shadow treasurer says opposition will not ‘stand in the way’ but calls measure ‘Band-Aid to a bullet wound’ of high power prices

The Guardian - AU

Expect a lot of talk about Australia’s deficit, but remember the golden rule: budgets are always about choices

The world trade system, and our ability to trust our biggest defence ally, is all gone to hell. What will Labor prioritise in the 2025 federal budget in such an uncertain global environment?

The Guardian - AU

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Treasurer to tighten belt in 'few surprises' budget

Treasurer Jim Chalmers has hosed down speculation of a major upgrade to forecast revenue and warned of "few surprises" on budget night.

AAP

Team Trump is spending $200 million on ad campaign so migrants deport themselves - as the federal budget is hacked

The department has fired more than 400 federal staffers in the last month

The Independent UK

DOGE's Latest Victim: Children Who Rely On Free Food In School As USDA Cancels Local Food Purchasing

Federal budget cuts, spearheaded by DOGE, are poised to eliminate vital food programs for schools and childcare facilities.

International Business Times UK

Axon: Long-Term Outlook Is Strong Despite Federal Budget Worries

Federal budget cut worries hit Axon Enterprise shares hard. Can this stock, with a $129 billion total addressable market, rise above these fears?

MarketBeat

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Canada’s productivity strategy needs to centre workers

As Canada moves into 2025, its productivity still lags, despite efforts by the federal government to address the issue in the 2024 federal budget.

The Conversation

Elon Musk Implausibly Claims 'Competence and Caring' Can Cut the Federal Budget Deficit in Half

The DOGE director wildly exaggerates what can be accomplished by tackling "waste, fraud, and abuse" in government spending without new legislation.

Reason

He’s not making any cents: Trump says to eliminate the penny

President Donald Trump promised to penny-pinch the federal budget if reelected. Turns out he meant that literally.

Fortune

Republicans look to add taxes on college scholarships to help pay for Trump’s tax cuts

Alook at possible federal budget cuts that would affect higher education under the Trump administration

The Independent UK

Florida Attorney General Ashley Moody To Fill Marco Rubio's Senate Seat

Florida Attorney General Ashley Moody appointed to U.S. Senate seat, focusing on undoing regulations and reducing federal budget. Aligned with Governor DeS...

Top News

Billionaires Aim To Slash Trillion From Federal Budget

DOGE, led by Elon Musk and Vivek Ramaswamy, aims to cut trillion from the federal budget by targeting key areas and proposing workforce changes.

The Conversation

If Treasury forecasts are right, it could be a decade before Australia is ‘back in black’

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.

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The Conversation

A return to balanced budgets is a decade away, mid-year update says

The federal budget is headed for a deficit of $26.9 billion this financial year – $1.3 billion better than the estimate in May – but in the following three years the budget is forecast to be deeper in the red than earlier forecast.

The Guardian - AU

Federal budget $27bn in the red and won’t return to balance for a decade, Myefo forecasts

Budget downgrade blamed on Australian economy being hit harder than anticipated by higher interest rates, cost of living pressures and global uncertainty

AAP

Super concessions take biggest bite from the budget

Cost-of-living relief measures are off the table in the mid-year budget update, as a tax expenditure list shows the type of deductions that cost the most.

International Business Times

Financial Advisor Charles Wareham On Skyrocketing US Debt, Rising Taxes And What To Do With America's Retirement Plan

With a debt-to-GDP ratio of 122.84% and a recent hike in its interest expenses— now costing $1.133 trillion due to inflation and rising interest rates, the USA is spending 17% of its federal budget just to maintain its debt.

The Conversation

Deloitte predicts December budget update will show bottom line has worsened since May, in fiscal ‘thud’

Next month’s update of the federal budget will forecast a bigger deficit for 2024-25 than was predicted in the May budget, according to the Deloitte Access Economics’ Budget Monitor, released on Tuesday.

Reason

DOGE Can Succeed by Scaling Back Its Ambitions

The new advisory group promises bold savings and massive spending cuts, but without any expertise in the federal budget, it’s likely to be all bark and no bite.

The Conversation

Budget update will revise down company tax receipts but treasurer Chalmers welcomes economy’s ‘soft landing’

Next month’s federal budget update is expected to revise down company tax receipts for the first time since 2020, amid continued low economic growth in the near term.

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