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MNI BRIEF: Aussie Budget Sees Net Debt At AUD1.16tln By '25/26

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Australia's Treasury forecasts that net debt will grow to AUD1.16 trillion by 2025-26 and cost cumulative net interest payments of AUD76.1 billion over that period, according to Budget papers released Tuesday.

Despite revenue being revised up by AUD58.7 billion in 2022-23 and AUD157.7 billion over the four years to 2025-26, the Budget forecasts a cumulative AUD181.8 billion in deficits out to 2025-26 amid rising costs for the National Disability Insurance Scheme, increased defence spending and higher interest costs on government borrowing. Gross debt as a percentage of GDP is expected to climb from 37.3% in 2022-23 to 43.1% in 2025-2026, with a longer term projection of 46.9% in 2032-33.

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Australia's Treasury forecasts that net debt will grow to AUD1.16 trillion by 2025-26 and cost cumulative net interest payments of AUD76.1 billion over that period, according to Budget papers released Tuesday.

Despite revenue being revised up by AUD58.7 billion in 2022-23 and AUD157.7 billion over the four years to 2025-26, the Budget forecasts a cumulative AUD181.8 billion in deficits out to 2025-26 amid rising costs for the National Disability Insurance Scheme, increased defence spending and higher interest costs on government borrowing. Gross debt as a percentage of GDP is expected to climb from 37.3% in 2022-23 to 43.1% in 2025-2026, with a longer term projection of 46.9% in 2032-33.

Keep reading...Show less