Debt to jump by $12b on rising borrowing costs

Ronald Mizen and John Kehoe

Apr 20, 2022 – 4.21pm

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Government debt could end up more than $12 billion higher than forecast in the federal budget just three weeks ago because of rising borrowing costs, the Pre-Election Economic and Fiscal Outlook (PEFO) has revealed.

Released routinely about 10 days into federal election campaigns, the PEFO is an independent assessment of the budget and economy undertaken by Treasury and the Department of Finance.

Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra.

John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.