ByShane Wright and Millie Muroi
December 18, 2024 — 10.30am



The update reveals a lift in government spending, much of it in areas such as childcare and aged care, but also confirms ongoing revenue pressures with collections of one key tax expected to slump by a quarter.


Treasurer Jim Chalmers and Finance Minister Katy Gallagher hand down the Mid-Year Economic and Fiscal Outlook.Credit:Alex Ellinghausen

It also shows that the economic outlook for the Albanese government headed to an election by May of next year remained tough, with household spending likely to grow slower than the population even as inflation remains steady and real wages lift.

In May, Chalmers forecast a deficit of $28.3 billion for the current financial year, but now expects it to ease slightly to $26.9 billion. But beyond 2024-25, the situation is much worse.

From the current financial year until 2027-28, Chalmers had forecast cumulative deficits of $122.1 billion. He is now forecasting $143.9 billion in red ink.

The deficit in the coming financial year is now tipped to reach $46.9 billion, a deterioration of $4.1 billion over the May forecasts. It would be the sixth-largest deficit in cash terms on record.

The 2026-27 deficit is tipped to be $11.7 billion worse at $38.4 billion, while in 2027-28 the deficit is expected to be $31.7 billion, a $7.4 billion blowout on what had been forecast.

The bigger deficits mean more debt. Gross debt, currently $911 billion, is expected to finish the financial year at $940 billion. It is forecast to climb to $1 trillion next year, $1.1 trillion the year after that and hit $1.16 trillion by 2027-28.

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https://www.theage.com.au/politics/federal/chalmers-unveils-22-billion-budget-bl...

Daves2017 wrote on Dec 27^th, 2024 at 1:37pm:


Yes, I'd have to agree with you.

Did he call a special news conference just for that, or was he just answering questions in a non-related press conference?

Carl D wrote on Dec 30^th, 2024 at 10:40am:


What level has she been assessed at?

Carl D wrote on Dec 30^th, 2024 at 10:54am:


It's a long, painful process.

My mother was on a Level 4.

I eventually got all new ramps and rails put in the house, but it took a lot of time and effort.

The team at RPH was very good - they sent a tradie out to build a new custom ramp at the front door.

Denise, at Bentley Hospital, is the person to talk to (if she's still there).

She does the ACAT assessments, and was very helpful with my mother.

Carl D wrote on Dec 30^th, 2024 at 11:32am:


Sending you a PM.

New word - Albatros ......... what could it mean (heh, heh)...

I totally agree Albo must go but that doesn’t change the decisions he and labor made.
The “voice “.
The uncontrolled immigration.
The lack of any meaningful action on the desperate housing shortage ( made much worse because of their immigration policy).
The senate hearings on the cost crisis of basic food items achieved- nothing.

Everything keeps getting more and more expensive.

Our politicians have never ever been paid so well yet the country in comparison worse off.

It has never ever cost as much as it does now to build a house but the house’s have never been so poorly built.

I can only hope Duddo can lead us out of this mess but I sincerely doubt he and the Lnp will do any better!