Australia budget deficit seen at A$99bn for 2021/22

SYDNEY: Australia's government expects its budget deficit to come in around A$99.2 billion ($71.07 billion) in the 2021/22 fiscal year, down slightly on initial projections but above the expectations of most analysts.

Treasurer Josh Frydenberg on Thursday said the deficit was down from a May projection of A$106.6 billion thanks to a stronger economic recovery and strength in the labour market.

Analysts had thought the deficit would come in around A$75 billion, suggesting the government was planning more spending ahead of a general election due by May next year.