Australia’s economic picture is ‘tragic’ | Sky News Australia

Treasurer Josh Frydenberg announced Australia's gross debt is forecast to hit $851.9 billion with this year’s budget deficit expected to reach $184.5 billion due to the novel coronavirus. Mr Frydenberg said unemployment would peak at 9.25 per cent in December, although the real number will far higher as the virus wreaks havoc on large swathes of the economy.

The treasurer and finance minister also revealed how damaging the Victorian lockdowns have been It is estimated the shutdown in Victoria will reduce the nation’s real GDP growth by around $3.3 billion. Mr Kenny said the treasurer forecasted the economy will begin to rebound next year. “It is this forecasting, these expectations, that I reckon we need to be careful about,” Mr Kenny said. “The optimism is based on keeping the virus at bay, and as we’ve seen, that’s easier said than done.

It’s a debt and deficit disaster for decades to come. And these guys claim to be superior economic managers😂😂😂

We are all victims of CCPVirus

It wasn’t worth locking down, the UK is in a right state! Lying government, no trust and financial ruin

Same Chris Kenny, two-months ago.

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Australia's gross debt hits record $851.9bn | Sky News AustraliaTreasurer Josh Frydenberg has announced Australia's gross debt is forecast to hit $851.9 billion with this year’s budget deficit expected to hit $184.5bn due to the coronavirus.\n \nMr Frydenberg said unemployment would peak at 9.25 per cent in Dec with real GDP to decline by 2.5 per cent next year.\n \n'The economic outlook remains very uncertain,' he said.\n \n'Owing to historically low-interest rates, our debt burden remains manageable.'\n\nImage: News Corp Australia\n\n Could this be the budget emergency that you harped on to get Abbott elected.Look how that turned out. Superior economic managers? Reduced debt and surpluses are in their DNA, remember? 😂😂😂 Let me guess... the debt will need to be payed.... sell Australia to China
Source: SkyNewsAust - 🏆 7. / 78 Read more »