A person crosses a street in Melbourne in the state of Victoria, Australia, Feb 13, 2021. CANBERRA: The Australian government will release its big-spending economic plan for the next fiscal year on Tuesday designed to create jobs and repair COVID-19 pandemic damage and with an eye toward winning votes at looming general elections.
“Tonight’s budget will invest in infrastructure and skills to create more jobs and provide incentives to businesses to do what they do best - to hire, to innovate and to grow,” he added. Economists expect an even smaller deficit of around A$80 billion to be forecast Tuesday, with factors including high prices paid by China for iron ore improving the nation’s bottom line.With Prime Minister Scott Morrison to call an election within 10 months, his conservative coalition has said paying down debt will not be a priority in the 2021-2022 budget.
Australia’s benchmark cash interest rate was been at a record low of 0.1 per cent since November and the central bank has said it will not be reduced further.
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