SYDNEY, May 6 (Reuters) - The Australian government's budget will show a decline in gross debt this year and project a lower peak in debt ratios in the years ahead, the Treasury said on Monday.
The government's gross debt is expected to come in at A$904 billion ($598.54 billion) for the year ending June 2024, A$152 billion lower than the previous year, according to an extract of the budget due to be released next Tuesday, seen by Reuters.
That will save around $80 billion on interest payments over the next decade, with gross debt now expected to peak at 35.2% of the gross domestic product in the 2026-2027 year, lower and earlier than the previous estimate of a peak of 35.4% in 2027-2028.
Treasurer Jim Chalmers is expected to deliver a second budget surplus on May 14, the first back-to-back surpluses in almost two decades.
($1 = 1.5103 Australian dollars)
