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Australia announces record high budget deficit
Australia announces record high budget deficit

Canberra, July 23 (TIWN) The Australian government on Thursday announced the country's biggest budget deficit since World War II.

Treasurer Josh Frydenberg and Finance Minister Mathias Cormann delivered an update on Australia’s economic and fiscal outlook in the wake of the COVID-19 pandemic, reports Xinhua news agency.  They revealed that the budget deficit for financial year 2019/20 was A$85.8 billion ($61.2 billion).  The deficit is projected to grow to A$184.5 billion in 2020/21.  Australia’s debt will grow to A$677.1 billion, more than a third of the GDP by June 30, 2021.  However, Frydenberg said that the burden was “manageable” on account of record-low interest rates.  “Australia is experiencing a health and economic crisis like nothing we have seen in the last 100 years,” he told reporters on Thursday.  “Our economy has taken a big hit and there are many challenges we confront. We can see the mountain ahead and Australia begins to climb. We must remain strong.  “We will get through this and we will get through this together,” the Treasurer added.  The government has delayed announcing the Federal Budget for 2020/21 until October on account of the pandemic.

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