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

The treasurer celebrated an outcome that could have been worse, but a structural challenge remains as workers are left with the burden of repair

It’s official, Jim Chalmers has not managed the budgetary equivalent of a “three-peat”.

After delivering two straight surpluses, Monday’s final budget outcome confirmed the country’s finances slumped to a deficit of $10bn in 2024-25.