Treasury has updated its economic and fiscal forecasts for the next four years in its mid-year budget update.
BUDGET DEFICITS (PREVIOUS IN BRACKETS):
* 2025/26 – $36.8 billion ($42.2b)
* 2026/27 – $34.3b ($35.4b)
* 2027/28 – $36.2b ($27.1b)
* 2028/29 – $36b ($37b)
* Total – $143.3b ($151.7b)
GROSS DEBT:
* 2025/26 – $993b ($1022b)
* 2026/27 – $1069b ($1092b)
* 2027/28 – $1142b ($1161b)
* 2028/29 – $1213b ($1223b)
GDP GROWTH:
* 2025/26 – 2.25 per cent (2.25 per cent)
* 2026/27 – 2.25 per cent (2.5 per cent)
* 2027/28 – 2.5 per cent (2.75 per cent)
* 2028/29 – 2.75 per cent (2.75 per cent)
INFLATION:
* 2025/26 – 3.75 per cent (3 per cent)
* 2026/27 – 2.75 per cent (2.5 per cent)
* 2027/28 – 2.5 per cent (2.5 per cent)
* 2028/29 – 2.5 per cent (2.5 per cent)
WAGE GROWTH:
* 2025/26 – 3.25 per cent (3.25 per cent)
* 2026/27 – 3.25 per cent (3.25 per cent
* 2027/28 – 3.5 per cent (3.5 per cent)
* 2028/29 – 3.75 per cent (3.75 per cent)
UNEMPLOYMENT:
* 2025/26 – 4.5 per cent (4.25 per cent)
* 2026/27 – 4.5 per cent (4.25 per cent)
* 2027/28 – 4.25 per cent (4.25 per cent)
* 2028/29 – 4.25 per cent (4.25 per cent)