The 2025-26 Mid-Year Economic and Fiscal Update (MYEFO) was released on Wednesday. The key economic forecasts are shown below. Headline Findings Deficit improvement: 2025/26 underlying cash deficit revised to $36.8bn (–1.3% of GDP), better than March’s forecast of $42.1bn (–1.5%). Still a sharp deterioration from the $10bn deficit in 2024/25 and surpluses in prior years.
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