The economy is in a structural deficit of $60 billion and only big spending cuts or tax increases can deliver a surplus, according to Deloitte Access Economics’ Chris Richardson.

He told Sky News Australia big spending on defence and social welfare is the reason.

“Two big things stood out. It became increasingly clear that Australia has not been spending enough on social services,” he said.

“And a more dangerous world geopolitically means we have to spend more on defence.”

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