Australian budget outcome shows deficit over $11 billion lower than forecast

Sydney, Sep 29 (IANS) The Australian government released the final budget outcome for the 2024-25 financial year on Monday, with a final deficit of about 18 billion Australian dollars (about 11.8 billion US dollars), lower than previously forecast.

Treasurer Jim Chalmers and Finance Minister Katy Gallagher handed down the annual budget outcome on Monday, revealing a final underlying cash deficit of just under 10 billion Australian dollars, or 0.4 per cent of gross domestic product (GDP), at the end of the 2024-25 financial year on June 30, reports Xinhua news agency.