Government Debt to Skyrocket

With the government already committing to spend $194 Billion on measures to fight the economic impact of the coronavirus, the former Reserve Bank of Australia governor Bernie Fraser said Australia faced a “reckoning" to deal with an explosion in budget deficits and public sector debt that could reach $1.5 trillion. Though Economists say the forecast for the government's plan to be net-debt free by 2030 is now highly unlikely, the government this morning stood by its future tax cut plans.