为压低支出，政府宣称在MYEFO中找出200亿澳元节省额度，并将2022-23至2028-29七年间的平均「实质」支出成长控制在1.7%，约为30年平均3.3%的一半；其中仅进一步削减外部人力与非薪资支出（差旅、接待、物业等）就可节省68亿澳元。
宏观与利率方面，成长率预估在本财年及下一财年皆为2.25%，较截至6月的12个月1.4%明显加速；RBA在2月至8月三度降息后，上周把利率维持在3.6%，市场押注2026年上半年可能升息。其他关键假设包括：净海外移民本财年26万、到2027年6月的12个月降至22.5万；净负债占GDP由目前20.1%升至2027年21.4%、2029年22.6%；铁矿砂假设到2026年底为每吨60美元（低于现价约100），冶金煤假设为每吨140美元，黄金则在8个季度内下调至长期锚定值。
Australia’s mid-year fiscal update (Dec 17, 2025) projects persistent deficits despite tighter spending. The underlying cash deficit for the 12 months to June 2026 is A$36.8B (US$24.4B), about 1.3% of GDP, with deficits edging down to roughly 1.1% of GDP per year through fiscal 2029.
The government says it found A$20B in savings and will hold average real spending growth to 1.7% over seven years to 2028-29—about half the 30-year average of 3.3%. A key measure is cutting external labor and other non-wage costs (travel, hospitality, property), targeted to deliver A$6.8B in savings.
Growth is forecast at 2.25% in the current fiscal year and the next, up from 1.4% in the year to June, lifting tax receipts. After three rate cuts from February to August, the RBA held at 3.6% last week; markets expect possible hikes in H1 2026. Net overseas migration is projected at 260,000 this year and 225,000 to June 2027. Net debt rises from 20.1% of GDP now to 21.4% in 2027 and 22.6% in 2029. Treasury assumes iron ore falls to $60/tonne by end-2026 (vs ~ $100 now) and metallurgical coal to $140/tonne.
