Labor is warning it will need to make additional budget cuts after uncovering a $1 billion blowout in the Morrison government’s signature program to consolidate business registries.
The revelations come as Treasurer Jim Chalmers prepares to deliver a statement on Thursday that will paint a dire picture of the state of the federal budget, which is forecast to remain in deficit for the next decade.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
