Budget Forecasts: Smaller Deficit, Wage Bill Challenges
Update: 2025-12-17
Description
Treasurer Jim Chalmers to unveil revised budget forecasts, showing a smaller deficit for the 2025-26 fiscal year. The deficit is now projected to be $36.8 billion, down from the initial $42 billion estimate. Despite increased spending, the government maintains a positive financial outlook. A $12.7 billion increase in unavoidable spending, half of which is for national disaster relief, highlights financial challenges. The Australian Public Service has identified $1 billion in savings, with significant cuts from the Defence sector. The upcoming update will address adjustments to agency spending forecasts due to a growing public service wage bill. The government aims for fiscal discipline, ensuring essential services remain robust.
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