Decade of deficits revealed | Business News

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Federal net debt is set to peak near $1 trillion, with $416 billion of cash deficits projected as the government locks in higher spending. Even the government’s long term projections show no surplus on the horizon. An underlying cash deficit of 2 per cent of GDP will be posted in the 2031 financial year, the budget documents said, although projections over that time frame are extremely volatile. Payments will settle at more than 26 per cent of GDP, but in the 2021 financial year it will hit 34.8 per cent of GDP. That compares to 24.5 per cent in the…

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