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*** Our in-depth analysis of the Budget will be available for subscribers to Antipodean Macro Professional ***
1. The key deficit and debt metrics in tonight’s Australian Government Budget are little changed in the near-term since the mid-year update (MYEFO) in December. But projected budget deficits are now expected to be relatively larger next decade.
An underlying cash budget deficit of $27.6b (1.0% of GDP) is expected in the current year to 30 June 2025. This is little changed from MYEFO despite monthly data showing smaller-than-expected deficits through to January.
Cumulative budget deficits of nearly $180b (~1.2% of GDP) are pencilled in for the 5 years to 2028-29 - similar to MYEFO.
