1 year ago
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Treasurer says $60m a day debt payment is the result of Coalition incompetence; controversial ParentsNext program to be scrapped. Follow the day’s news live
Good morning and welcome to our rolling news coverage. I’m Martin Farrer and I’ll have some overnight breaking stories and updates for you before my colleague Natasha May takes the helm.
Jim Chalmers says Australia is “still paying the price” for the Coalition leaving behind a fiscal “mess” and a budget “heaving with a trillion dollars of debt” as he flags one of the most punishing items in his own federal budget – the cost of servicing the country’s debts. The annual cost will rise from $17.7bn in 2022-23 to a peak of $27.1bn in 2025-26, before falling to $26bn in 2026-27, according to estimates released last night, which is more than spending on family tax benefit, childcare or infrastructure.
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