2022 Pefo: Budget Aggregates

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This 2022 Pre-Election Economic and Fiscal Outlook (PEFO) modelling document presents Treasury's medium-term budget projections across a 10-year period from 2022-23 to 2032-33. The underlying cash balance was forecast to improve from a deficit of $77.9 billion (3.4% of GDP) in 2022-23 to $26.5 billion (0.7% of GDP) by 2032-33. Gross debt was projected to rise from $977.0 billion to $1,515.6 billion over the same period, increasing as a share of GDP from 42.5% to 44.5% before declining to 40.3% by 2032-33. Net debt was forecast to increase from $714.9 billion (31.1% of GDP) to peak at $998.6 billion (28