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.
Which stock gained the most attention in 2019? Find out in our exclusive report on the much talked about lithium stocks which gained the most investor attention amidst the volatile and high drama electric vehicle market.
Read about the shift in the Electric Vehicle market in 2020 and the consequent focus on Lithium in our report.
Get an insight into the lithium prices and the trends. The supply glut kept the lithium prices in check. The escalated bilateral trade dispute between the United States and China significantly impacted the lithium chemical prices.
Understand the performance of mining companies. The lithium mining companies managed to sail through the turbulent white gold market by limiting the production in correspondence with the demand from the offtake partners.