Budget deficit widens more than expected as tax take falls

The cash deficit was $8.26 billion in the latest period, $856 million more than forecast, according to the Treasury. Tax revenue was about $1 billion below forecast.

The operating deficit of $6.2 billion, was $8.41 billion lower than forecast, reflecting investment losses that were $4.9 billion more than expected, ACC losses of $2.4 billion as a result of a change to the discount rate applied to its unfunded liability, and the drop in tax revenue, the department said.

By Jonathan Underhill

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