Australia targets lower deficit in new federal budget
Australia will report a narrower budget deficit as the government seeks to curb inflation. The plan includes welfare reforms and new fuel security spending.
Australia will unveil a budget deficit narrowed by A$44.9 billion on Tuesday as commodity revenues offset rising reform costs. The updated bottom line improves on Treasury projections from December following a surge in export income. Investors are assessing whether the government can fund major social overhauls without forcing the central bank to hike interest rates further.
### Balancing Windfalls Against Inflation Treasurer Jim Chalmers will present the budget in parliament on Tuesday evening. The fiscal plan includes five major packages targeting fuel security, living costs, housing, productivity, and tax reform. Chalmers told reporters in Canberra on Tuesday that the budget contains more savings and reforms than usual to navigate global economic uncertainty.
