From www.charteredaccountantsanz.com: The Australian Federal Budget for 2025-26 outlines an underlying deficit of $28.3 billion for the fiscal year, with total headline deficits projected to reach $283.4 billion over the forward estimates.

Economic growth forecasts suggest a gradual recovery, predicting growth rates of 1.5% for 2024-25 and increasing to 2.5% by 2026-27, despite global uncertainties.

The budget includes tax reductions for lower income brackets but also highlights concerns about bracket creep, with potential long-term implications for taxpayers and revenue collection.