Surplus hopes dashed for at least a decade due to pandemic: PBO

Just seven weeks out from Josh Frydenberg's first budget since the advent of COVID-19, the budget office on Friday released an updated analysis of the pandemic's impact showing the government's plans to clear net debt has also been destroyed by the coronavirus.Luis Enrique Ascui

The closest the federal government will get to being back to pre-coronavirus estimates, on these forecasts, is a $29 billion deficit in 2027-28.Net debt will be between 14 and 24 per cent, or up to $800 billion, higher in 2029-30 than it would've been without the pandemic with international travel restrictions weighing on population growth.

"We can see the mountain ahead and Australia begins to climb," Mr Frydenberg said at the budget update last month."Australia is experiencing a health and economic crisis like nothing we have seen in the last 100 years." The forecasts show the economy is particularly affected by lower net overseas migration due to global travel restrictions during the pandemic. Population growth is expected to return to its trend levels next financial year, but the impact of the restrictions will mean the future population is permanently lower than otherwise expected.

JennieDuke swrighteconomy Thank goodness. Why would you want to take money OUT of the economy when we're way below capacity with inflation nowhere in sight? It's madness to think this is desirable. ausecon

JennieDuke swrighteconomy How could a govt surplus be even remotely desirable any time soon enough to be thinking about?

JennieDuke swrighteconomy O no

JennieDuke swrighteconomy

JennieDuke swrighteconomy Should we send him a back in red cup_

JennieDuke swrighteconomy We had no hope before. The LNP were full of shit.

JennieDuke swrighteconomy Aren't situations like this why we have surpluses?

JennieDuke swrighteconomy What a surprise!

JennieDuke swrighteconomy Why are you so obsessed by surpluses?

political_alert JennieDuke swrighteconomy It won't stop the drop kicks from still trying. To keep the Aust economy in permanent resession. The Conservatives have to be the worst money managers ever.

JennieDuke swrighteconomy Fine, what good has a surplus ever done anyway? It's not like it is ever used for those who need it most

JennieDuke swrighteconomy Hopefully this will quash the stupidity of questing for surpluses as they make no fiscal sense whatsoever in the majority of circumstances and are economically damaging.

JennieDuke swrighteconomy Good. Maybe we can now stop talking about this nonsense that has destroyed the economic debate over the last decade.

political_alert JennieDuke swrighteconomy Gamin

JennieDuke swrighteconomy SO BLOODY WHAT your IPA obsession with surplus has killed ppl, driven us further into poverty, why do we hav privatised aged care killing elderly negligent abuse, IPA we must have a surplus Well this is the emergency. Your surplus did fuck all

JennieDuke swrighteconomy You mean 'Surplus hopes dashed for at least a decade due to ScottMorrisonMP govt's ineptitude.'

JennieDuke swrighteconomy I haven't had any hope, surplus or otherwise, since the 18th of May, 2019.

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