Treasurer Jim Chalmers speaks in Question Time in the House of Representatives in Canberra, Australia on Nov. 4, 2025. Hilary Wardhaugh/Getty ImagesAustralia’s budget is expected to remain in deficit for at least the next decade, according to the government’s mid-year financial update.The Mid-Year Economic and Fiscal Outlook (MYEFO), released on Dec. 17 by Treasurer Jim Chalmers and Finance Minister Katy Gallagher, shows deficits extending well into the 2030s, despite billions of dollars in extra tax revenue and repeated claims of fiscal restraint.
Australias Budget to Stay in the Red Until the 2030s, Mid Year Outlook Shows
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