Australia confronts a decade of budget deficits

Monday 17 March 2025

Deloitte Access Economics released its Budget Monitor, which estimates an underlying cash deficit of $26.1 billion in 2024-25, $0.8 billion above the expected outcome in the 2024-25 Mid-Year Economic and Fiscal Outlook (MYEFO).

Larger underlying cash deficits are also forecast over the following three years.

Net debt is also expected to increase to 19.6% of GDP in 2024-25, broadly in line with the estimate of 20.0% in the 2024-25 MYEFO.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.