The first surplus in a decade has turned into the largest deficit since WWII

At the end of 2019, Treasurer Josh Frydenberg took to his feet in Parliament House to address an un-socially-distanced press pack on the Mid-Year Economic and Fiscal Outlook (MYEFO).

He told them the Government would prevail in its quest to deliver a long-promised budget surplus of $5 billion in the 2019-20 financial year.

But within weeks, the coronavirus would become headline news, relegating the promise to the trash heap.

Thursday’s update shows a deficit of $85.8 billion is estimated for the 2019-20 financial year.

The deficit in the current financial year is estimated to be more than twice as large, clocking in at $184.5 billion.

Debt will grow