ONLY CHARTS #235

Aus MYEFO, NZ current account, NZ consumer confidence, Canada CPI

ONLY CHARTS is only available to paid subscribers.

A 7-day free trial is available below. Group discounts are available here.

Antipodean Macro’s in-depth research is available here.

1. The Australian Government forecasts larger cumulative budget deficits over the four years to 2027-28 and higher net debt-to-GDP from mid-2027 than they did at the May Budget.

The outlook for both Commonwealth Government payments and receipts have been revised higher.

2. The Australian Government’s headline budget balance is expected to be much larger than the underlying budget balance - the difference is due to net cash flows from investments in financial assets for policy purposes.

Increasingly, Australian governments have found nifty ways to stash spending ‘off balance sheet’ which exclude it from the underlying cash balance.

The headline cash balance is arguably better at assessing how much the Government needs to borrow.