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Australia Melbourne loses $100m in revenue, pushing city into red for first time in decades

04:13  19 may  2020
04:13  19 may  2020 Source:   theage.com.au

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The COVID-19 pandemic has sent Melbourne City Council's balance sheet into the red for the first time in more than 30 years.

The council's draft budget, released on Tuesday, shows it suffered a $100 million loss in revenue, including from parking fees and fines as workers, tourists and shoppers deserted the CBD.

It forecasts it will have a $57 million hole in its budget for 2020/2021.

The council has directed $50 million to relief and economic stimulus measures and has given businesses and residents a rates freeze.

Almost $170 million has been slated for infrastructure projects and $41 million will go to transport as part of its $632 million budget.

More to come

'CA will want to keep India happy': Taylor on Australia's IPL dilemma .
A diplomatic balancing act looms for Australian cricket from this week when a decision could be made on the future of the Twenty20 World Cup.Already the undisputed superpower of world cricket, India's might may be even further enhanced by the chaos wrought by the coronavirus on the international calendar.

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