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Budget improves as interest rates hit 15-year high
Published 1 day, 6 hours ago
Description
The Federal Budget has improved by $6 billion compared to May forecasts, with the underlying deficit now $6 billion lower than the $28.3 billion predicted when Treasurer Jim Chalmers delivered his budget speech. The government attributes this improvement to taxes on superannuation investments, increased revenue, and reduced payments. The Reserve Bank is expected to raise the official cash rate from 4.35 per cent to 4.6 per cent, marking a 15-year high, which will cost the average mortgage holder an additional $119 per month in repayments.
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