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Sat Jul 25

Budget deficit to hit $184.5B this financial year, unemployment to peak at 9.25% in December: economic statement

Written by Michelle Grattan, Professorial Fellow, University of Canberra

Lukas Coch/AAP

Treasurer Josh Frydenberg has announced massive budget deficits of $85.8 billion for the just-finished 2019-2020 financial year and $184.5 billion projected for 2020-2021.

Growth is set to be negative for last financial year and the current one. The government’s economic statement forecasts cuts of 0.25% in GDP in 2019-20 and a...

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