Jim Chalmers’ budget victory lap outpaces reality as Australia’s debt continues to climb

<p>The treasurer celebrated an outcome that could have been worse, but a structural challenge remains as workers are left with the burden of repair</p><ul><li><p><a href="https://www.theguardian.com/australia-news/live/2025/sep/29/australia-news-live-optus-suffers-fresh-triple-zero-glitch-labors-first-deficit-not-as-bad-as-feared">Follow our Australia news live blog for latest updates</a></p></li><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p>It’s official, Jim Chalmers has not managed the budgetary equivalent of a “three-peat”.</p><p>After delivering two straight surpluses, Monday’s final budget outcome confirmed the country’s finances slumped to a deficit of $10bn in 2024-25.</p> <a href="https://www.theguardian.com/business/2025/sep/30/australia-treasurer-chalmers-budget-deficit-smaller-than-expected-structural-challenges-loom">Continue reading...</a>