Govt spending could exceed 20% of GDP by 2030

Government spending could outpace revenue in the next three years. Giving this projection, the Finance Ministry said it also assumes there won't be further policy moves in future, which will need additional revenue to balance the budget. Healthcare spending is projected to soar to 3.5% of GDP by the end of the decade. Also taking their share of the pie: Expenditure that's been committed to improve early childhood education and uplift lower-wage workers. These will see government spending increase in the second half of the decade to around 19% to 20% of GDP or more.