Second surplus of $9.3b, then huge deficit

Tuesday’s federal budget projects a $9.3 billion surplus for the current fiscal year, after which the bottom line will slide into a back-to-back deficit that will be larger than forecast six months ago.

The 2023-24 surplus, up from the $1.1 billion deficit forecast in the mid-year economic and fiscal outlook released in December, comes as the government deals with “unavoidable expenses” and spends heavily on its fiscal spending Will disappear from 2024-25.

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