Treasurer Josh Frydenberg unveils deficit spending in coronavirus economic statement

Treasurer Josh Frydenberg. Picture: Elesa Kurtz
Treasurer Josh Frydenberg. Picture: Elesa Kurtz

Australia will suffer a $184.5 billion deficit as the coronavirus drives a wrecking ball through the economy.

Gross government debt will blow out to $677.1 billion this financial year.

Treasurer Josh Frydenberg revealed the true cost of the coronavirus pandemic in a special budget update on Thursday.

The budget plunged $85.8 billion into deficit in 2019-20, which will more than double this financial year, as the country suffers its biggest hit since the Second World War.

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This story Rising debt and deficits: Frydenberg reveals state of Australian budget first appeared on The Canberra Times.