SYDNEY (REUTERS) - Australia's government will run record budget deficits this year and next as it spends big on stimulus and infrastructure to cushion the economy from the coronavirus, Prime Minister Scott Morrison said on Monday (June 15), warning of tough times ahead.. Read more at straitstimes.com.
SYDNEY - Australia's government will run record budget deficits this year and next as it spends big on stimulus and infrastructure to cushion the economy from the coronavirus, Prime Minister Scott Morrison said on Monday , warning of tough times ahead.
The government is fast-tracking approvals for 15 projects, including the expansion of BHP Group's Olympic Dam, an undersea electricity connection, and water and rail work which it estimated would generate around 66,000 jobs. "It will take us an estimated two years at least just to get back to the level we were at prior to the fall from pre-Covid."
Mr Morrison has already conceded the economy is in its first recession since the early 1990s as whole sectors were closed down for April and much of May, eating into tax receipts and devastating government finances.
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