Sydney, Sep 29 || The Australian government released the final budget outcome for the 2024-25 financial year on Monday, with a final deficit of about 18 billion Australian dollars (about 11.8 billion US dollars), lower than previously forecast.
Treasurer Jim Chalmers and Finance Minister Katy Gallagher handed down the annual budget outcome on Monday, revealing a final underlying cash deficit of just under 10 billion Australian dollars, or 0.4 per cent of gross domestic product (GDP), at the end of the 2024-25 financial year on June 30, reports news agency.
The government's Pre-election Economic and Fiscal Outlook (PEFO) 2025, released earlier this year, forecast a deficit of 27.9 billion Australian dollars for 2024-25. The 2022 PEFO forecast a deficit of 47.1 billion Australian dollars in 2024-25.
Chalmers and Gallagher said in a joint statement that final budget outcomes have been a combined 209 billion Australian dollars, better than projected since the governing Labor Party won power at the 2022 election.