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Treasurer reveals harsh economic outlook amid ‘arsenal’ of government support

Article image for Treasurer reveals harsh economic outlook amid ‘arsenal’ of government support

Treasurer Josh Frydenberg has revealed the biggest deficit since World War II with the budget deficit at $85.8 billion in 2019-20 and $184.5 billion in 2020-21.

Mr Frydenberg said the unemployment rate was expected to reach 9.25 per cent in the December quarter.

Without government support measures unemployment would have peaked at close to 15 per cent, according to the Treasurer.

“These harsh numbers reflect the harsh reality we face,” he said.

“The economic outlook remains very uncertain.”

However, the Treasurer told Jim Wilson it’s not all about the numbers, with necessary policy decisions affecting the bottom line.

“The Morrison government has deployed its arsenal: … unprecedented amounts of government support which is making a difference and keeping people in jobs.

“Australia has performed relatively better, both on the health and the economic front, than nearly any other nation in the world.”

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Jim Wilson
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