The coronavirus pandemic is on track to cost the federal government almost $600 billion in budget deficits with no sign of a surplus this decade despite Treasurer Josh Frydenberg declaring the economy is “roaring back” | swrighteconomy
The current year’s deficit is expected to be $161 billion, well down on the $197.7 billion that was forecast in December. Despite the drop, it will be the largest deficit ever recorded by a federal government.
Including the deficit incurred the year the pandemic began, coronavirus will have cost the budget $588 billion while driving debt to a record high. Predicting the economy to expand by 4.25 per cent in the coming financial year, with household consumption to grow by 5.5 per cent, the Treasurer said the economy was recovering well.government was aiming to drive unemployment below 5 per cent to lift wages growth
The budget has benefited from an extra $110 billion in revenue over the forward estimates, much of that driven by higher iron ore prices which have contributed to a sharp upgrade in expected company tax receipts.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
$10 billion on road and rail upgrades spearheads budget spendingTuesday's federal budget will include $10 billion allocated over 10 years for major infrastructure projects aimed at boosting both jobs and productivity in the COVID-affected national economy.
Read more »
Federal budget forecasts NDIS to cost over $30b within three yearsDisability spending through the NDIS is expected to overtake the cost of Medicare by 2024-25, according to budget estimates that will fuel debate about the scheme's sustainability.
Read more »
Victorian road and rail network in line for $3b budget boostThe federal government’s pandemic recovery package includes funds for a massive new freight terminal designed to remove thousands of trucks from Melbourne’s clogged roads every day.
Read more »
Big savings expected in tonight's budgetTreasurer Josh Frydenberg says tonight's budget2021 would 'secure Australia's economic recovery.' Everything you need to know: Watch full coverage of the federal budget tonight on nine at 6.00pm. 9News
Read more »
Big savings expected in tonight's budgetBUDGET2021: The Federal Government will deliver its 'pandemic budget' tonight, with a strong emphasis on job growth, aged care and women's health. Auspol 9News Here's what we can expect:
Read more »