Stocks and Investing Stocks and Investing

Federal Government finds $14.6 billion for Budget, not enough to cover $25.1 billion in unavoidable spending


Published on 2024-12-16 06:40:42 - The West Australian
  Print publication without navigation

  • The Federal Government has found another $14.6 billion to cut or shift around within the Budget - but that is not enough to cover 'unavoidable' and 'automatic' spending.

The article from The West Australian discusses the Australian federal government's financial challenges as outlined in the upcoming budget. Despite finding an additional $146 billion, this amount falls short of covering the $251 billion in unavoidable spending commitments. These commitments include rising costs in health, aged care, the National Disability Insurance Scheme (NDIS), defense, and interest on government debt. The government is grappling with how to manage these expenses without significantly increasing taxes or cutting services, amidst a backdrop of economic recovery from the global health crisis, geopolitical tensions, and inflation. The budget, set to be revealed on May 9, will likely focus on fiscal repair, with Treasurer Jim Chalmers indicating that tough decisions are necessary to ensure the budget's sustainability.

Read the Full The West Australian Article at:
[ https://thewest.com.au/politics/federal-politics/federal-government-finds-146-billion-for-budget-not-enough-to-cover-251-billion-in-unavoidable-spending-c-17101448 ]