Treasurer Jim Chalmers today blamed the deficits on "unavoidable spending" while delivering the Mid-Year Economic Fiscal Outlook (MYEFO).
Australia's budget is expected to spiral into deeper deficits over the next four years as government spending outweighs revenue.today blamed the deficits on "unavoidable spending" while delivering the Mid-Year Economic Fiscal Outlook .READ MORE:Treasurer Jim Chalmers delivered the mid-year economic outlook today.
Chalmers and Finance Minister Katy Gallagher said $8.8 billion in spending was for unavoidable projects including new infrastructure and domestic violence funding."We are on track for a soft landing in our economy. The economy is growing, but slowly."Gallagher also blamed the "slippages" in the budget on urgent spending."While the budget position is $1.
"We can all think of better destinations of those billions of dollars than paying interest on debt, and that's one of the motivations for the work that all of us, but especially Katie, have done in trying to get that debt down."Chalmers said a key priority is rolling out the cost of living relief to Australian households.
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