Australia reports A$22.3 billion budget deficit for 2025/26, better than expected

Australia's Treasury announced a final budget deficit of A$22.3 billion ($15.65 billion) for the year ending June 2026, which is better than previously expected. The improvement was attributed to lower government spending across welfare programs and stronger tax receipts from businesses and investment income. The Reserve Bank of Australia is widely anticipated to raise interest rates for a fourth time to 4.6% on Tuesday to address persistent inflation.