Australia's bottom line is expected to be nearly $200 billion in the red next year with no budget surpluses in sight thanks to the coronavirus hit on the economy.
The Parliamentary Budget Office has crunched the numbers on the medium-term impact of the pandemic based on the Reserve Bank of Australia's latest forecasts. Its analysis, released on Friday, showed the blowout in next year's budget - mainly due to spending to support people through the economic crisis - would be between $172 billion and $214 billion.Prime Minister Scott Morrison said the new analysis showed that the government needed to be more careful than ever about its expenditure.
The PBO says the underlying cash balance, or deficit, would still be between $16 billion and $30 billion worse off by 2029/30. Its ranges are based on the Reserve Bank's anticipated baseline, best and worst case scenarios for the spread of the virus and need for lockdowns, and don't take into account the impact of summer's bushfires.
Oh dear, Mr. Smirkey McSmirk Face won't be happy.
....and Scomo / Liberals mismanagement / corruption / rorts. But sure, blame the pandemic.
Doesn’t matter. Ignore the virus. Go protest.
There's not much choice really. Scott Morrison has given most people a fighting chance to come out of this outbreak without too much damage. But it will cost the country
Sell the ABC to start with or have nations vote or it's demise ..it's no longer a level playing field at the ABC ...and what's with all the gay agenda at the ABC ...that needs to stop...that's just wrong
Whatever the cost we all are affected by it and We're in it together.... Young and Old no discrimination.... Just like the Virus... 👍👍👍👍👍🙏💯
All in this together? Thank you to the private sector who have lost jobs, income and drawn on superannuation and who will now fund through their taxes the homes and renovations of those who got through the Corona crisis either unscathed or prosperous ScottMorrisonMP SkyNews
My goodness your god will not be happy with you, me thinks he will send you to the devil
Huge spending by SloMo with no disclosure of the inevitable tax increases to claw back the debt and no ICAC to follow the money. We face a grim future ScottMorrisonMP SkyNews
Australia needs a defibrillator before it needs reform
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dead man may be first Australian coronavirus fatality in BaliA 53-year-old Australian man had complained of shortness of breath in Bali on Tuesday evening before he died. He may be the first Australian coronavirus victim in Indonesia. Might not be either? Remember the death in QLD last week? FFS. bull - he took fentanyl probably Or he might have had a heart attack....what a typical shiite headline....
Source: theage - 🏆 8. / 77 Read more »
Australian man may have died of COVID-19 in BaliAn Australian man's death in Bali is being investigated as a possible coronavirus-caused death | jamesmassola
Source: smh - 🏆 6. / 80 Read more »
Coronavirus has infected every other political debate — and killed the Indigenous referendumCoronavirus has thrust aside nearly all other issues from parliament, including those that once generated big headlines and vociferous debate, writes Michelle Grattan. Every cloud has a silver lining Wondering why you haven't used the crowd footage being shown repeatedly on ABCaustralia. It features a woman protester wearing a Burberry scarf. The four colours of Burberry -- white, red, black and 'pale' -- might represent the four horsemen of the apocalypse, in Revelation 6. Good on Ken. Fixing disadvantage & stopping violence is important. Australia's No.1 problem. A racist referendum is just indulging the in crowd.
Source: abcnews - 🏆 5. / 83 Read more »
Scott Morrison compares Black Lives Matter protests to Anzac Day, urges Australians to show 'respect' and not attendPrime Minister Scott Morrison has invoked the shutdown of Anzac Day memorials due to coronavirus as he urged Australians to show respect and not attend protests against police brutality this weekend. Spare me the faux concern. Didn't seem to give a shit about respecting others safety when he wanted to go to his precious Hillsong Rally of thousands. And there was no comparison of ANZAC day when it came to the anti-vaxx protests last week. I do not recall any such request of Qanon, 5g or covid lockdown protesters. Did he not say that it was their democratic right? Go away.
Source: SBSNews - 🏆 3. / 89 Read more »
Welcome to phase three — here is the full list of everything that is reopening in WA tomorrowWest Australians will take a big step towards returning to normal life tomorrow as the state enters the third stage of eased coronavirus restrictions.
Source: abcnews - 🏆 5. / 83 Read more »
Ikea online sales to help furniture giant flourish amid pandemicThe government enforced lockdown during the height of the coronavirus pandemic landed the biggest blow in decades to the already struggling Australian retail sector. The maze goes outside as well.. Advert, see the way the branding is placed each time. Highly manipulative. The meatball section ?
Source: newscomauHQ - 🏆 9. / 77 Read more »