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Bruce
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Wollongong, Australia
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23-07-2020, 03:31 AM
1

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
swimfeeders
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Shropshire
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23-07-2020, 05:11 AM
2

Re: Record Deficit

Hi

It is just a sad fact of life at the moment.

All Countries have been affected by the virus, some much more than others.

It will be many years before economies recover.
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Bruce
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Bruce is offline
Wollongong, Australia
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23-07-2020, 08:48 AM
3

Re: Record Deficit

Originally Posted by swimfeeders ->
Hi

It is just a sad fact of life at the moment.

All Countries have been affected by the virus, some much more than others.

It will be many years before economies recover.
You're right, thank gawd for Modern Monetary Theory
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Tedc
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Berkshire, UK
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23-07-2020, 09:23 AM
4

Re: Record Deficit

Originally Posted by Bruce ->
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
If it's true, that "Every action has an equal and opposite reaction", somewhere somewhere, is making huge profits out of all this!

Anyway, the Governments might have taken the opportunity to hide some overspending from other projects under this Corvid overspend.
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Bruce
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Wollongong, Australia
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23-07-2020, 10:42 AM
5

Re: Record Deficit

This is a depression, according to the Treasury figures the 2019/2020 year with have growth of -0.25% and the 2020/2021 with be -2.25% so after 23 years of continuous growth we go straight into a depression (two years of negative growth).

Thank goodness for low interest rates - the government pays less than 1%.

It's a big change from 6 months ago but hard times ahead especially when the mortgage and rent moratorium ends with household debt at record levels.
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23-07-2020, 10:47 AM
6

Re: Record Deficit

Hi

We are in a Global Recession.

Even Countries like Taiwan who managed Covid well are being affected.

Nobody is immune.

This includes UK Pensioners.

We will all have a reduction in our living standards.
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OldGreyFox
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South Yorkshire
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23-07-2020, 11:26 AM
7

Re: Record Deficit

What on earth did we think was going to happen?....

Some people have knack of stating the bleeding obvious!

One thing's for sure......Its out of our hands......
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23-07-2020, 12:14 PM
8

Re: Record Deficit

Originally Posted by OldGreyFox ->
What on earth did we think was going to happen?....

Some people have knack of stating the bleeding obvious!

One thing's for sure......Its out of our hands......
Hi

Yep, we just have to accept it.
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Bruce
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Wollongong, Australia
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24-07-2020, 10:15 AM
9

Re: Record Deficit

According to the economists Australia will not have a surplus again until at least 2040
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Aerolor
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UK
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25-07-2020, 08:13 PM
10

Re: Record Deficit

Dread to think what the UK budget deficit will actually end up as for2020. 300BN has been forecast. Mind you if everyone is in the same boat why can't we all rub this year out and start again with more modest numbers.
 
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