Australia already in budget deficit – Access Economics

Australia’s budget is already running a deficit of $1 billion.

Access Economics has released its independent economic forecast, which suggests Treasury coffers are worse than expected.

Economist Chris Richardson told ABC falling commodity prices are already taking their toll on the economy. “We are headed for deficit pretty fast, China is now slowing, Australia is now in trouble”.

“Even if Australia’s economy gets no worse and the government doesn’t spend another cent into this downturn, we’re in deficit by a billion dollars next financial year, four billion dollars a year in the years after that.”