Finance & Fury Podcast

Welcome to Finance and Fury Budget came out last week – this episode – go through the fiscal overview and the policy measures in it   Fiscal overview – provided updates on the government budget position and economic updates Government – added $289 billion in fiscal spending and balance sheet measures - equivalent to around 14.6 per cent of 2019‑20 GDP At the same time - estimated large declines in taxation receipts has seen a major deterioration in the budget position, with estimated deficits of $85.8 billion in 2019‑20 and $184.5 billion in 2020‑21 – so the annual position is a loss Gross debt was $684.3 billion (34.4 per cent of GDP) at 30 June 2020 and is expected to be $851.9 billion (45.0 per cent of GDP) at 30 June 2021. Net debt is expected to be $488.2 billion (24.6 per cent of GDP) at 30 June 2020 and increase to $677.1 billion (35.7 per cent of GDP) at 30 June 2021 – gross going up by 24% and net debt going up by 39% Real GDP is forecast to have experienced its sharpest fall on record in the Jun