Australia's 2024 Budget: Surplus Turns to Deficit Amid New Spending

The budget forecasts a shift from a minor surplus to substantial deficits, with increased spending on cost-of-living relief and green initiatives.

• 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.

14 Articles

The Guardian The Conversation The Guardian Reuters The Guardian The Guardian Financial Post The Guardian The Guardian CNA The Conversation The Conversation The Guardian CNA