Frydenberg to hand down $100 billion budget deficit
Treasurer Josh Frydenberg is expected to hand down a deficit in excess of $100 billion in a budget update to the House on May 12, Sky News Political Editor Andrew Clennell says. Mr Frydenberg will rise to his feet in the House to deliver the figures on the same day he would have handed down the budget, which has since been delayed to October due to COVID-19. Mr Clennell said the update was pushed by Labor in private talks with the government. "You would expect these deficits, of course, given we have had stimulus packages spread over 2019-20 and 2020-21 years of $17 billion, $66 billion and $130 billion, the last being the JobKeeper package,” Mr Clennell said. "But the size of the deficits will not just be because of the amount of money the government has spent on this coronavirus crisis, it is the decline in revenue from tax that the shutdowns and the loss of jobs has created that will fuel this budget result.”
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Treasurer Josh Frydenberg is expected to hand down a deficit in excess of $100 billion in a budget update to the House on May 12, Sky News Political Editor Andrew Clennell says. Mr Frydenberg will rise to his feet in the House to deliver the figures on the same day he would have handed down the budget, which has since been delayed to October due to COVID-19. Mr Clennell said the update was pushed by Labor in private talks with the government. "You would expect these deficits, of course, given we have had stimulus packages spread over 2019-20 and 2020-21 years of $17 billion, $66 billion and $130 billion, the last being the JobKeeper package,” Mr Clennell said. "But the size of the deficits will not just be because of the amount of money the government has spent on this coronavirus crisis, it is the decline in revenue from tax that the shutdowns and the loss of jobs has created that will fuel this budget result.”
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