Australia Announces Biggest Budget Deficit Since World War II
July 23, 2020
4:47 am
Australia said its budget deficit will be 85.8 billion Australian dollars (AD) ($61.2 billion) in 2019-20 and AD184.5 billion in 2020-21.
This marks the biggest deficit since World War II, due to the economic fallout from the coronavirus pandemic.
“Australia is experiencing a health and economic crisis like nothing we have seen in the last 100 years,’’ Treasurer, Josh Frydenberg, said in a press conference giving a special budget update on Thursday.
“The government has acted swiftly and decisively to provide economic support for workers, households and businesses of around AD289 billion or the equivalent of 14.6 percent of GDP,’’ …
