Federal Budget reaction; Victoria health authorities on COVID-19 alert; Nine killed in Russian school shooting
Treasurer Josh Frydenberg has said “Australia is coming back” as he unveiled a Federal Budget aimed at steering Australia out of the COVID-19-induced recession amid massive spending on essential services.
The deficit of $161 billion for 2020-21 is $52.7 billion better than forecast in last year’s October 6 Budget.
The forward estimates have the deficit falling to $106.6 billion next year and down to $57 billion in 2024-25, but the deficits are predicted to continue for at least the next decade тАУ a far cry from the “back in black” celebrations of just two years ago.
Net debt is predicted to remain under the daunting $1 trillion mark to peak at $980.6 billion at the end of the forecasting period in June 2025.
Major spending was outlined for the aged care, mental health and childcare sectors, while the National Disability Insurance Scheme (NDIS) will be fully funded to the tune of $13.2 billion over four years.
As expected, the coronavirus pandemic and Australia’s long path back into economic prosperity dominates the Budget.
