Record Deficit
Australia's budget deficit hit almost $86 billion last financial year, the biggest blow to the bottom line since World War II,
A forecasted $5 billion surplus for 2019-20 ended in a deficit of almost $86 billion
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.
Income from tax fell $31.7 billion in 2019-20 and the Government expects a $63.9 billion decline this financial year.
(divide $ value by two to get figures in pounds)
Things are pretty dire
https://www.abc.net.au/news/2020-07-...nberg/12483360