Better boost budget bottom line, Jim: IMF warns of Chinese downturn threat

Jim Chalmers is being urged by the International Monetary Fund to beef up the federal budget bottom line by trimming expenditure and looking at new revenue sources, in a warning that nations heavily dependent on China could be exposedAhead of the annual round of IMF and World Bank meetings of treasurers and central bank governors, the fund used research on the state of government budgets to warn that most countries had yet to repair budgets damaged by the hugeTreasurer Jim Chalmers will deliver...

He last year delivered the first budget surplus in 15 years with expectations the nation’s finances will remain in the black for the current financial year.In the mid-year update, Chalmers sliced the forecast size of future budget deficits to $18.8 billion for 2024-25 and $35.1 billion for 2025-26. Chalmers has already signalled the coming budget would contain “significant” investment to bolster the economy, particularly in. This week, the government committed $585 million in loans to two critical mineral companies in Queensland and South Australia.

But the IMF said government spending across almost all countries was still higher than it was before the pandemic. Senior economist Matthew Hassan said Westpac expects growth to remain subdued at just 1.6 per cent this year after it hit 1.5 per cent in 2023.

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