The Australian government's budget will show a decline in projected total debt this year and forecast a lower peak debt-to-GDP ratio in coming years, the Treasury said on Monday.
Total government debt is expected to be A$904 billion ($598.54 billion) for the year ending June 2024. That is A$152 billion less than the previous government had forecast before its election defeat in 2022, according to a budget excerpt seen by Reuters.
That would save about $80 billion in interest payments over the next decade. Gross debt is expected to be 35.2% of GDP in 2026-2027, lower and earlier than the previous estimate of 35.4% in 2027-2028.
“Because of our efforts, the debt in next week's budget will be much lower than our predecessors predicted,” Treasurer Jim Chalmers said at a news conference Tuesday.
Chalmers is expected to deliver a second surplus budget on May 14, the first double surplus in nearly two decades.
($1 = 1.5103 Australian dollars)
“Friend of animals everywhere. Web guru. Organizer. Food geek. Amateur tv fanatic. Coffee trailblazer. Alcohol junkie.”
More Stories
How to vote for Ollie Alexander and “Dizzy” in the finale
Australians walk barefoot everywhere – and receive criticism
Switzerland celebrate their 4th win over Great Britain