Treasury's Half Year Economic and Fiscal Update has painted a concerning picture for the Government books.

It forecasted the deficit will peak at $16.9 billion dollars, and only drop to $60 million in the 2029-2030 financial year. 

Independent economist Cameron Bagrie says this forecast doesn't come with many surprises.

"If you look at the bigger picture, we're now going to have a decade of deficits. And if you look at the last two years, the situation's actually been worsening." 

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