Australia Revealed Historic Deficit as COVID-19 Pandemic Shatters Economy

  • Jul 23, 2020 AEST
  • Team Kalkine

The economic and fiscal update reveals the impact of the COVID-19 turmoil on the finances of Australia as well as the scale of the support that has been provided to prepare Australia’s health system and cushion the blow for millions of households and businesses.

The Government has provided economic support for households, workers, and businesses of around A$289 billion or ~14.6% of GDP.

This essential and unprecedented level of economic backing, combined with declines in taxation receipts of A$31.7 billion in 2019?20 and A$63.9 billion in 2020?21, has substantially affected the budget position.

Moreover, the underlying cash balance is anticipated to decline from balance in 2018-19 to A$85.8 billion deficit in 2019-20 and A$184.5 billion shortfall in 2020-21.

 


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