Money
Australian budget deficits forecast to rise significantly
Forecasts predict $21.8bn budget deficit increase to $143.9bn, driven by unavoidable spending and rising government payments.
Australian budget deficits are projected to rise by $21.8 billion over the next four years, reaching $143.9 billion, due to “unavoidable spending.”
This fiscal year sees a slight improvement with a deficit reduction from $28.3 billion to $26.9 billion.
However, projections indicate an increase from $42.8 billion to $46.9 billion for 2025-26, equating to 1.6 percent of Australia’s GDP.
This deficit would be the highest outside of the pandemic since 2015.
Higher than estimates
In 2026-27, the deficit is expected to decrease to $38.4 billion, and further to $31.7 billion in 2027-28, both higher than previous estimates.
The anticipated trend of deficits follows a period of surpluses, with projections suggesting a return to surplus by 2034-35.
Despite these increases, Treasurer Jim Chalmers noted an overall $27.1 billion improvement in budget performance compared to the final weeks of the previous government.
Increased deficit
The deficit increase is attributed to $8.8 billion in unavoidable spending and $16.3 billion in rising government payments, including support like the age pension.
Additional funding is also expected for non-government schools due to rising enrollment and special needs placements.
Chalmers stated that, despite some deficits, the government has achieved a $200 billion budget turnaround since the election.
He expressed confidence that economic conditions support a stable trajectory for Australia, with potential cash rate reductions anticipated in 2025 and mid-2026.
Money
U.S. and China approve TikTok sale to American investors
US and China approve TikTok’s sale to Oracle and Silver Lake amid regulatory scrutiny, with ByteDance retaining 20%.
US and China approve TikTok’s sale to Oracle and Silver Lake amid regulatory scrutiny, with ByteDance retaining 20%.
The United States and China have officially approved a deal for TikTok’s US operations to be sold to American investors, led by Oracle and Silver Lake.
This marks a major shift in the social media landscape as the platform navigates increasing regulatory scrutiny.
Under the new agreement, ByteDance will retain just under 20% of TikTok US, while Oracle and Silver Lake will each take 15% stakes. Other investors will also participate, forming a structure designed to satisfy both commercial and regulatory demands.
The new US-based entity will have a majority American board tasked with overseeing data protection and content moderation. Despite these safeguards, concerns remain about ByteDance’s influence and whether the deal fully complies with recent legislation.
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Money
Markets tumble as Trump tariffs, Greenland rhetoric and Europe backlash collide
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. equities took a sharp hit as markets reacted to renewed tariff threats and heightened political rhetoric from President Donald Trump. The Dow plunged more than 800 points, with the S&P 500 and Nasdaq also sliding as investor nerves rattled risk assets.
The sell-off highlights growing concern around global trade tensions and geopolitical uncertainty, with markets struggling to price in what comes next for U.S. economic leadership and policy direction.
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Money
Gold hits record highs as investors flee risk
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold is shining brighter than ever as investors flock to safe-haven assets amid global uncertainty. U.S. gold futures for February delivery jumped 1.71% to $4,674.20 per ounce, while spot gold rose 1.6% to $4,668.14.
The surge comes as geopolitical tensions continue to worry traders, prompting a rush into metals perceived as stable and secure. Analysts say gold is proving its status as the ultimate hedge during turbulent times.
Investors are closely watching markets as gold sets new benchmarks, signalling growing caution across the financial landscape.
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