• Budget deficit for 2024-25 expected at A$27.6 billion
  • Budget deficit for 2025-26 expected at A$42.1 billion
  • Sees Australia GDP growth at 2.25% in fiscal year 2026, 2.5% in fiscal year 2027
  • A tweak to the tax rate for the $18,201 to $45,000 threshold, which will be cut from 16% to 15% from 1 July 2026, and then cut further to 14% from 1 July 2027

The main surprise is the final line there, with the tax cuts. They managed to keep that under wraps coming into the announcement. No doubt this is an attempt to try and shore up political support. And they will cost roughly A$17 billion through the 2028-29 fiscal year.

Source: Forex Live