Overview
- The 2024–25 shortfall finished just under $10 billion, about $17–18 billion better than the March pre‑election forecast and equal to roughly 0.4% of GDP.
- Personal income tax reached a record $338.3 billion as employment and wage gains boosted receipts, with superannuation earnings adding about $6 billion.
- Spending jumped by about $54 billion to a record $727 billion, a 5.5% real increase that outweighed the revenue upswing.
- Gross government debt stood at $928.6 billion on 30 June 2025, about $11.4 billion lower than previously estimated.
- The government says it banked most revenue upgrades and identified more than $100 billion in savings, with modest legislated tax cuts starting 1 July next year costing $17.1 billion over three years.