Australia to Announce Budget with Smaller-Than-Expected Deficit on May 13

According to Gold Ten Data, Australia’s government will announce on May 13 a budget with a smaller-than-expected deficit, driven by higher-than-anticipated fiscal revenues from rising commodity prices. Treasurer Jim Chalmers stated the budget will reflect “responsible” principles, prioritizing savings over new spending while pursuing tax reforms to address generational inequality. Chalmers emphasized: “People should not expect large-scale, short-term cash stimulus measures in the budget. This will be a very responsible budget, and we will strictly control spending.” The Reserve Bank of Australia has raised rates three times this year to counter energy shocks, warning that economic growth will remain subdued and unemployment will rise further.