Coronavirus spending measures have topped $164 billionTreasurer Josh Frydenberg will update the nation on the state of the economy, laying bare the havoc COVID-19 has wrought on the Government's books and on the economy at large.
The deficit will be the largest recorded by an Australian government since World War II, and economists say the market expectation is in the realm of $200 billion in 2020-21. "We can expect to see a lot of red ink, I expect that we're probably going to be looking at a budget deficit in this year in excess of $200 billion," Grattan Institute chief executive Danielle Wood said.
"Our announced measures, together with large declines in taxation receipts, has seen a hit to the bottom line, but this has been necessary in order to cushion the blow for millions of Australians," Mr Frydenberg said. A forecast fall in business investment will also be announced, with investment expected to fall 12.5 per cent in 2020-21, having already fallen 6 per cent in 2019-20.Earlier this week, the Federal Government announced an extension of both JobKeeper and the coronavirus supplement that goes to welfare recipients on payments like JobSeeker and the Youth Allowance.
The Morrison/Murdoch government creates a debt and deficit disaster to subsidise corporate gangsters.
Three stooges
And NO. This was coming before Covid 19.
Still hands out $10 million to Fox Sports.
Budget emergency!!!
Well, no shit. It wasn't Australia's fault a pandemic spread across the world. This sucks and we'll just have to get through it.
You mean forcing everyone to stop work was bad for economy. Whaaatttt
🙄️
IRONIC AF
The Liberal Party & corporate spin narrative now is that government deficits are ok.
. The great Covid cover-up. Aus was a house of cards pre-pandemic. Covid is the handy excuse. .
No doubt scheduled for 11 am ?
. Yes but the WW2 deficits made our society more equal. This govt's deficits seek to increase and embed the disparity of wealth in our country. But keep thise short-term handouts coming and don't forget to remind us that 3D printing will revive jobs. bs .
Real story here is whether the deficit is big enough. Evidence would suggest not & as usual LNPfail place so many rules & caveats on support as to render it useless. Economy was already failing before COVID & now rapidly getting worse. LNP have no clue auspol economicsfail
Wonder if Scotty and Joshy have calculators?
Who couldn’t manage money?
Not much point drawing a cartoon of these guys when they’re pretty cartoonish as it is.
Well done.😡
And that’s after they played around with figures to make it look much better than it is
And blame Dan!
Maybe should stop throwing their mates a few million here and there
What did you expect with our sports rorts, grants to Foxtel etc, oh and Covid- 19
Great news - give yourself a pay raise, get another belt contract from China, sell Brisbane port, bring more immigrants and give all social, spend more on puny military. Miss anything ? I'm sure you find something to waste money on something
more coal subsides I see. make sure you burn the rest of the Outback with that money
So what?
I do not understand why u r shocked by these estimations. Australia was on its way to a deep recession WITHOUT Covid19 due to lack of Govt support for small business. Most r now gone or going. Lucky Labor is not in Govt. Debt would be 10 times the size.
No government or party is in control of their economies. CCPvirus has taken control of global economy.
So What?.... problem for another day....
For those that need dates: 89-93 G.H. Bush - reduced 93-2001 Clinton - reduced (positive) 2001-2009 G.W. Bush - increased (wow) 2009-2017 - Obama reduced 2017 - Trump - increased So what party has been the most fiscally conservative?
What fuckin deficit they just threw $10 million at Murdoch’s Fox Sport
Perfect timing for epic pork-barrelling!
political_alert We have bring the budget back to surplus .... read again... we have bring the Budget back to surplus
MMT - Mugabe Monetary Theory!!!
Our 'debt & deficit' scaremongering LNP savants had somehow managed to double the nation's debt before COVID-19, without any meaningful agenda bar fighting amongst themselves, so this ain't exactly breaking news.
Coming to a cinema near you 'Reservoir Trough Hogs'
Take half a billion out of the ABC budget for 10 years and we will do just fine recovering. Defund the ABC!
And they still managed to embezzle billions to their correlate mates.
Yeah and they don't even consider to reduce their own pay checks. We are all in this together until pay checks are still full.
time to cut taxes!
I thought this lot were meant to be the superior economic managers *I know they're not*
largestdeficitsinceww2 Australiangovernment
largestdeficitsinceww2 LNP
political_alert money is fake
Yup. True measure of LNP s collective financial management ability. Gov debt was already ballooning pre Covid. The tide has gone out, LNP all naked; no (adult) clothes anywheres.
Only fair now that we now blame them for it like they blamed Labor for doing the same to get us out of the worst of the GFC in 2008 right?
I wonder if LiberalAus are still celebrating their shit show
Good
Oh how lucky the taxpayers are to have these incompetent money managers in charge. Every promise broken , every mate of theirs enriched , every critic silenced. Lucky country Australia especially if you are a Liberal Party Politician .
The gov can consider heavy taxing investment properties.
It didnt matter when it was the ALP, it doesnt now it’s the Libs. Public debt (aka a private surplus) is very very low on the list of economic indicators that people should give a shit about. The near 20% actual unemployment/underemployment really matters
Normally I would be angry, but difficult times, we always knew this was going to happen. I would like to think the ALP would have provided the same financial support.
Hey, don't be whinging, you still want your 1500 bucks and low interest rates, right? This is what we get for 'not killing grandma', despite the best efforts of the great unwashed 💁♂️
We could get ourselves out of debt but it would involve acting on climate change not to mention hitting up all the multinational miners making a mozza out of exporting our resources without paying our country its fair share ...
Deficit & debt just keeps getting bigger & bigger.
Great economic mangers!!
What were the interest rates after WWII?
But what about franking credits!
Well, if you're not in dept then you're working hard enough.
+/- $60B depending on whether Scotty bought a calculator from office works
$600 million to their animal cruelty live export mates because Hair Bear from the NFF and the Nationals got all Bolshy. Let’s start with that and work backwards working out what is a waste of money and what is not
Which they caused.
Australia could have been far more prepared for this except for all the hard politics played out over the last decade COVID
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