Australia’s budget deficit hit almost $86 billion last financial year, the biggest blow to the bottom line since World War II, Treasurer Josh Frydenberg has revealed.
The deficit is projected to grow even further this financial year, with the Government forecasting a blowout of more than $184 billion in 2020-21.
The Government has delayed the budget until October and instead today delivered an economic and fiscal update, which revealed the depths of the economic destruction of the coronavirus.
Treasury is predicting the unemployment rate will be above 9 per cent by the end of this year.
“Our economy has taken a big hit and there are many challenges to confront,” Mr Frydenberg said.
Read more here: https://www.abc.net.au/news/2020-07-23/federal-government-coronavirus-deficit-economy-debt-frydenberg/12483360
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