The highest deficit in over 20 years was unveiled on Friday morning during a second-quarter fiscal update for 2025-2026.

The Holt government is projecting a deficit of $834.7 million, compared to the budgeted deficit of $549.0 million.

Finance Minister Rene Legacy says it could potentially grow even further by the fourth quarter.

The net debt is currently projected at $13.5 billion.

More to come…