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Rate hikes threaten to gobble up federal budget servings

The parallels between the Australian Government’s annual deficits and mortgage borrowers on the brink of financial stress are striking, highlighted by data released on the same day the federal budget was released.

Treasurer John Frydenberg delivering the 2022 Federal Budget in Parliament, flanked by the prime minister and deputy prime minister
Treasurer John Frydenberg delivers the 2022-23 budget (photo AAP)

The parallels between the Australian Government’s annual deficits and mortgage borrowers on the brink of financial stress are striking, highlighted by data released on the same day Treasurer Josh Frydenberg delivered his federal budget.

As the latest $99.2 billion annual deficit pushed debt to a record $868 billion, financial comparison site Canstar found one-third of borrowers at or close to the edge of being unable to meet household costs.