Australia will tape-record the largest deficit spending in modern history, after the coronavirus pandemic triggered an exceptional spending blitz, the Federal Government is expected to announce tomorrow.
Key points:
- Treasurer Josh Frydenberg will announce the largest deficit spending given that WWII
- Coronavirus costs measures have topped $164 billion
- Just 7 months back, the Federal government was expecting a budget plan surplus
Treasurer Josh Frydenberg will upgrade the country on the state of the economy, laying bare the havoc COVID-19 has dealt with the Federal government’s books and on the economy at large.
The deficit will be the biggest taped by an Australian federal government considering that The second world war, and financial experts say the market expectation is in the realm of $200 billion in 2020-21
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