Australia Billion dollar COVID deficit in Tas budget

12:10  30 october  2020
12:10  30 october  2020 Source:   aap.com.au

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Remember when people were all worked up over trillion- dollar government budget deficits ? The spending comes with the government already expected to run a budget deficit exceeding trillion this year. In short, the shock from the COVID -19 spread will blow a fiscal hole through Washington, D.C

Australia said its budget deficit is forecast to deepen significantly to 85.8 billion Australian dollars (.27 billion ) in the financial year that ended on June 30 and further widen to 184.5 The biggest predictor of the economic outlook is the number of ( Covid -19) cases and what that means for lockdown.

  Billion dollar COVID deficit in Tas budget © AAP

Tasmania is expecting a budget deficit in excess of $1 billion for the current financial year, following a COVID-19 financial sideswipe.

Premier Peter Gutwein on Friday said latest calculations suggest a $1.1 billion black hole will be outlined when the state's 2020/21 budget is revealed on November 12.

"Due to the impact of the pandemic on our revenues, particularly GST as a result of the national downturn, and our $1 billion economic and social support package ... the deficit for 2020/21 will be in the order of $1.1 billion," he said.

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A string of multi- billion dollar deficits across the coming four financial years will see gross debt reach more than trillion next financial year, with net Budget relies on big assumptions. The economic assumptions underlying the Budget predict a COVID -19 vaccine will be rolled out to Australians by

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The premier made the comments after releasing the Treasurer's Annual Financial Report for 2019/20, which showed a net operating debt of $338 million.

"The pandemic has been one of the largest shocks to our way of life, our economy and our budget," Mr Gutwein said.

He noted that two-thirds of Tasmanians who lost their jobs at the height of the pandemic are back in work.

A recent CommSec report ranked Tasmania's economy as the nation's best performing for three successive quarters.

The island state has launched a $3.1 billion construction blitz to drive the economy and support an estimated 15,000 jobs.

The state's Labor opposition said the government had failed to deliver previously-promised key infrastructure spending, which cast doubt over the stimulus plan.

"The state budget will be judged by whether it sets out a plan to create jobs across the economy, not just in the construction sector," shadow treasurer David O'Byrne said in statement.

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usr: 1
This is interesting!