Government Debt in Australia increased to 463654 AUD Million in May from 441251 AUD Million in April of 2020.
Australia’s budget deficit will blow out to a post-World War II record amid a surge in spending to plug a virus-induced gaping economic hole, as the government sees the crisis spilling into next year.The underlying cash balance will be a A$184.5 billion ($132 billion) shortfall in the 12 months through June 30, 2021, the government said in an “These harsh numbers reflect the harsh reality we face. Prime Minister Scott Morrison announced Tuesday that the government will Finance Minister Mathias Cormann, in an interview with Bloomberg Television following the statement, didn’t close the door to bringing forward legislated tax cuts in the Oct. 6 budget.Treasury also looked at a second-wave scenario for Australia and found that if similar large scale restrictions were reimposed this would likely reduce economic activity to similar levels as observed across April and May. The impact on Victoria, which contributes about one-quarter of gross domestic product, is set to exacerbate the shock to the economy and nation’s finances.Despite the burgeoning budget deficit, and net debt predicted to hit A$677.1 billion in 2020-21, at 35.7% of GDP, Australia’s balance sheet is comparable with developed world nations.S&P Global Ratings said Australia’s AAA can absorb the growing budget deficit and expects the economy will begin to recover in 2020-21. Recent events in Victoria are testament to this,” Treasurer Josh Frydenberg told reporters after the release. It would therefore likely cost the economy at least A$2 billion per week compared to where it might have been without another round of infections. Still, it added that the risks to the rating “remain tilted toward the downside.” Moody’s Investors Service similarly said it expects Australia’s Aaa rating to remain resilient, with the process of fiscal repair beginning in 2021.The Australian dollar was little changed after the release and traded at 71.45 U.S. cents at 1:51 p.m. in Sydney. External Debt in Australia averaged 873236.36 AUD Million from 1988 until 2020, reaching an all time high of 2328330 AUD Million in the first quarter of 2020 and a record low of 147312 AUD Million in the third quarter of 1988.
This is why Australia, together with other high household-debt economies like Denmark, the U.K. and Canada, is offering subsidies to ensure workers have an income and keep them connected to … Prime Minister Scott Morrison announced Tuesday that the government will Finance Minister Mathias Cormann, in an interview with Bloomberg Television following the statement, didn’t close the door to bringing forward legislated tax cuts in the Oct. 6 budget.Treasury also looked at a second-wave scenario for Australia and found that if similar large scale restrictions were reimposed this would likely reduce economic activity to similar levels as observed across April and May.
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