Treasurer Jim Chalmers holds a copy of the 2026 budget while speaking with the media at Australian Parliament House in Canberra, Australia, on May 12, 2026. Hilary Wardhaugh/Getty Images
The Labor government is projected to slow the growth of net debt in the 2026–27 financial year compared with previous forecasts.
According to the newly released budget paper (pdf), net debt is forecast to reach $616.6 billion (US$445.5 billion), or 19.9 percent of GDP, in 2026-27.
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