Overview

• The current fiscal year shows a $9.3bn surplus, but a $28.3bn deficit is projected for the next year.
• Key spending includes $3.5bn on energy bill rebates and $1.9bn on rent assistance.
• The budget aims to support growth in renewable energy and local manufacturing with significant investments.
• Rating agencies warn that the new spending could add to inflationary pressures.
• Treasury forecasts suggest inflation may return to the target range by the end of the year.