Australia Forecasts 2020-2021 with a Jobless Rate of 8.75% and a Budget Deficit of A$184.5Bln.
Treasurer Josh Frydenberg has begun giving the economic update.
Key numbers
- Two deficits, $85.8bn in 2019-20 and $184.5bn in 2020-20.
- Net debt $488.2bn at 30 June 2020 and $677.1bn the following year.
- Tax receipts are down $31.7bn in 2019-20 and $63.9bn in2020-21.
- Growth will fall by 3.75% this year and GDP is forecast to be 2.5% higher next year.
- Unemployment to peak at 9.25% in the December quarter.
Frydenberg says the coronavirus crisis says Australia’s GDP will fall 3.75% in 2020, but grow by just over 2% in calendar year 2020.
He said the Australian government has introduced fiscal support measures worth $164bn, or 8.4% of GDP.
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