AUSTRALIAN BUDGET: Australia sees 2025/26 budget deficit at AUD 28.3bln (vs AUD 36.8bln projected); sees 2026/27 budget deficit at AUD 31.5bln, 2027/28 deficit AUD 31.0bln; Treasurer says budget helps, rather than harms, the fight against inflation

CPISees CPI inflation at 5% in 2025/26, 2.5% through 2029/30GDPSees GDP growth at 2.25% in 2025/26, 1.75% 2026/27, 2.25% 2027/28DEFENCEAustralia to invest AUD 53bln in defence capabilities (as touted)NET DEBTSees net debt rising to 21.9% of GDP in 2029/30, gross debt to 35.6%HOUSING Australia limits negative gearing to new homes Australia cuts tax breaks for landlords to help young people own a home Australia to scrap 50% capital gains tax discount