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Australia expects the budget deficit to widen before the 2025 election, with the first interest rate cut possibly occurring in April or May next year.
The mid-year fiscal update shows that due to increased government spending, Australia's budget is expected to further fall into deficit over the next few years, with the Australian election taking place in less than six months. According to the mid-year economic and fiscal outlook released on Wednesday, although the budget deficit for the current fiscal year is expected to slightly narrow to 26.9 billion Australian Dollar (17.1 billion USD), it will widen to 46.9 billion Australian Dollar by 2025-26, accounting for 1.6% of GDP, and remain at or above 1% of GDP. The Treasury also slightly lowered the forecasts for this fiscal year and the next fiscal year due to rising interest rates restraining private sector activity.