2023-24 federal government reports a $50.9bn deficit, up from $41.3bn, due to increased debt charges and program expenses.
Federal government reports a $50.9bn deficit for the 2023-24 fiscal year, up from the previous year's $41.3bn deficit. Higher interest rates led to a 35% increase in public debt charges, reaching $47.5bn. Government revenues increased by 3.2% to $444.8bn, mainly due to higher personal income tax, GST and other non-tax revenues. Program expenses, excluding net actuarial losses, rose by 3.1% to $440.6bn.
May 31, 2024
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