An estimated 1.2 million people aged 18 to 24, living with their parents in households with income of at least $100,000, received the GST credit in 2021.
According to forecasts, federal spending will be $89.2 billion higher than previously projected for 2022/23 and $80.7 billion higher in 2023/24.
The federal government continues to run and plan for substantial budget deficits.
Compared to fiscal year 2019-20, total federal spending in 2022-23 will be approximately 27 per cent higher.
According to the budget, federal spending will reach $434.3 billion this year, more than a two-thirds increase in less than a decade.
Under the old classification, program spending would have been more than $10 billion higher.
According to projections, the federal debt will reach nearly $2 trillion in 2026-27.
This year the federal government expects to spend $52.8 billion more than it has in revenues.
The federal debt has grown from $1.2 trillion in 2014 to $1.9 trillion in 2021—an increase of 51 per cent.
If the federal government reduced spending, it could help lower inflation and limit the increase in interest rates.