Australia Posts Budget Deficit in FY2024/25

Australia registered a budget deficit of just under A$10 billion (approximately $6.55 billion), or about 0.4% of GDP, for the year ending June 2025, the government said on Sunday, snapping two rare years of budget surpluses.

The latest figures from the Final Budget Outcome 2024/25 were smaller than the A$27.9 billion deficit forecast earlier this year by the Treasury and Finance Department, the Labor government added.

The improved budget position was attributed to upgraded banking revenue, real spending restraint, and cost savings, the government said.

“It’s a reminder that we have one of the strongest budgets in the G20,” Treasurer Jim Chalmers said in a statement, as reported by Reuters.

Australia logged a surplus of A$15.8 billion for the year ending June 2024, following a surplus of A$22.1 billion for the year ending June 2023 — the country’s first budget surplus in 15 years.