- GDP is expected to be down by 3.75% in the 2020 Calendar Year with real GDP forecast to fall 7% in the June 2020 Qtr.
- The former forecasted $5b surplus for 2019-20 is now projected to be a deficit of circa $86b.
- Unemployment rate of 7% in 2019-20 is now expected to peak at 9.25% in the December quarter this year, and return to circa 8.75% in 2020-21
- Gross debt will rise from $542b to $851.9b in 2020-21. This equates to 45% of GDP
- Treasury has conceded a Total receipts write down of $33b in 2019-20 and a write down of $61.1b in 2020-21
The Treasurer concluded that the ‘deficits reflects the cost of protecting lives and livelihoods’. The question that many Australians in business are asking the Government, ‘at what cost of both lives and livelihoods’.
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Date of Issue: 23 July 2020 Author: Noé Vicca
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