World Economy

Australia Budget Risks

Australia Budget RisksAustralia Budget Risks

An independent Australian watchdog says there are “significant risks” to the federal budget from spending rises and revenue falls. The government’s projections show the budget moving from a deficit of 3.1% of gross domestic product to a surplus of 1.4% of GDP in 2024/25, Gulf News reported. The International Monetary Fund and World Bank had downgraded their forecasts of world economic growth including Australia’s key trading partner, China.