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A government deficit of A $85.3 billion was reported last yea

Source: au123.com
[Economic News]     26 Sep 2020
Last fiscal year's final budget figures government a deficit of A $85.3 billion (chart / Australian page screenshot) Federal Finance Minister Fredenberg (Josh Frydenberg) announced the final state of the federal budget for fiscal year 2019-2020—— the deficit reached a record high of A $85.3 billion. Earlier, government spent heavily to help struggling families and businesses weather the new crown ...
A government deficit of A .3 billion was reported last yea

A deficit of A $85.3 billion government last fiscal year's final budget figure (screenshot of chart / Australian page)

Federal Finance Minister Fredenberg (Josh Frydenberg) announced the final state of the federal budget for fiscal year 2019-2020—— with a deficit of 85.3 billion yuan (Australian dollar, the same below), a record high. Earlier, government spent heavily to help struggling families and businesses weather the new crown pneumonia crisis.


Last year's final budget loss was 85.3 billion

"The Australian" reported that Fredenberg said that the final budget results for 2019-20 announced today show that the government has a potential cash deficit of 85.3 billion yuan, accounting for 4.3% of GDP, which is 500 million yuan less than the estimated deficit. This result is better than other countries such as France, New Zealand and the United Kingdom. At the same time, Federal Finance Minister Mathias Cormann also called the budget result a set of "challenging numbers", but he reiterated Fredenberg ' s remarks that Australia ' s situation is better because it is based on economic strength. The strong position enters the crisis, which provides a very solid foundation for reconstruction. The government has a clear plan to promote a strong economic and employment recovery, while repairing the budget. He said: "The October 6 budget will provide the next amount we plan to help ensure that this goal is achieved. Although we as a country face all the challenges, even though we officially report today in the final budget results With a series of challenging numbers, Australia is still in a better, stronger and more resilient position than any other country in the world."


The budget focuses on "Employment, Employment and Employment"

Meanwhile, For the upcoming budget, Friedenberg said he would give priority to job growth, Until the unemployment rate is "comfortable" below 6 per cent, A major shift in government fiscal strategy, Delay in budget restoration. He said ," only through restoration economic, We can fix the budget. "With regard to the Unionparty government's long-standing argument of creating surpluses and depressing debt budgets, Friedenberg's remarks were a big deal change. he said, A "readjustment" strategy recognizes "the current economic realities ". government need to get hundreds of thousands of Australians back to work, And provide support for a stronger medium-term fiscal position. Promoting structural reforms, Positioning economic in future jobs, And improve the convenience of business. To this end, Chris Richardson Richardson, partner at Deloitte Access economic, Friedenberg's updated budget strategy is "perfectly sensible ", he said. The 6% unemployment target will give families confidence, convince them that the government will focus on "employment, employment and employment ".


Increased facilitation for home buyers and small businesses

Moreover, government Morrison's reform of the financial credit framework aims to inject a dose of "adrenaline" into economic by removing onerous barriers to homebuyers and small businesses accessing loans ". government morrison is implementing the most significant changes in australia's credit framework in a decade to increase credit flows to households and businesses, reduce red tape, and strengthen protection for vulnerable consumers, freidenberg said. The reform will be the most significant in decades, says Denita Wawn, Master Builders Australia chief executive of Australian construction firm. A structured game change program.

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