Budget bump to push ASX to double-digit returns this year Share The record breaking rally in Australian shares faces an extra bump from a spendthrift budget in a move that could send the market to double-digit returns this year, UBS analysts predict. The S&P/ASX 200 index reclaimed all of its losses from the pandemic on Monday to set a record high on the eve of the federal budget and is expected to grind higher with a series of new government spending initiatives. The index fell 1.06 per cent on Tuesday, but investors are preparing for the wave of fiscal spending to add fresh thrust to local shares, pushing the blue-chip index to 7500 points by the end of the year, according to the broker.