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No more handouts: Stark warning as soaring interest bill revealed
Turmoil in global bond markets is set to cost the already-strained federal budget billions in additional interest payments, Treasurer Jim Chalmers has warned, prompting a leading economist to say the party is over when it comes to cheap money funding populist handouts across the world.
Federal debt has surged past $1 trillion and rising global interest rates have thrown out forecasts for Australia’s interest bill, which was already the fastest growing component of Commonwealth spending.
Chalmers said the December budget update’s “problematic influence” would probably be “billions of dollars extra to service our borrowing costs”, two days after this term’s Intergenerational Report forecast higher taxes and debt if Australia’s productivity malaise festered.
Chalmers reveals multibillion-dollar blowout in debt bill
Treasurer Jim Chalmers has flagged that the coming mid-year budget update will show that surging global interest rates have punched a multibillion-dollar hole in the government’s finances, adding pressure on Labor to rein in the deficit.
Chalmers said on Wednesday that a key feature of the budget update, due by December, was the “damaging impact of higher bond yields on everyone’s budget, including ours”.
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