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The Australian Federal budget has revealed a budget surplus of $A9.3 billion for 2023-24, before the balance falls into deficit. In 2024-25, there is a forecast deficit of $A28.3 billion.
The key measures in the budget include electricity bill relief for all households. There is $A22.7 billion over the decade to help fund the Future Made in Australia package. And there are a range of policy decisions around housing and infrastructure investment.
On the economy, Treasury expects gross domestic product growth over 2024-25 of 2 per cent. It also expects the unemployment rate to rise to 4.5 per cent by the June quarter 2025.
Treasury has also forecast the inflation rate will be back at 2.75 per cent by the time we get to June 2025.
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Adam Boyton is the Head of Australian Economics at ANZ
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