Australia unveils years of budget deficits to sustain recovery Reuters 1 day ago
By Swati Pandey and Sam Holmes SYDNEY, May 11 (Reuters) - Australia s government pledged billions in spending on Tuesday to sustain an economic recovery from the COVID-19 slump that has blitzed even the most optimistic projections, a move that will keep public finances in the red for years to come.
Popular Searches
While Prime Minister Scott Morrison s conservative administration has abandoned any pre-pandemic commitments to a budget surplus, a significant boost in tax receipts from mining exports has helped trim the projected deficit for the current fiscal year.
Treasurer Josh Frydenberg said the budget shortfall will hit A$161 billion in the year ending June 30, a record but much lower than the government s October forecast of A$213.7 billion, thanks to a significantly improved economic outlook.
The big-ticket items in this year’s budget 11 May 2021
Treasurer Josh Frydenberg has declared a raft of measures, aimed at keeping Australia’s economy on track post-COVID.
The 2020/21 federal budget has defined Australia’s recovery from the COVID crisis as its main priority, with the government’s plan being to create jobs, provide targeted support to businesses and suppress the spread of the virus through the roll-out of the vaccine.
The government is aiming to have a population-wide vaccination program to be in place by the end of the year, with all Australians to receive their two doses by December, but international borders and tourism are not expected to reopen until 2022.
Tuesday, 11 May 2021 06:53 PM MYT
The Australian Prime Minister Scott Morrison shakes hands with the Treasurer Josh Frydenberg after the swearing-in ceremony in Canberra August 24, 2018. Reuters pic
Subscribe to our Telegram channel for the latest updates on news you need to know.
SYDNEY, May 11 Australia’s government pledged billions in spending today to sustain an economic recovery from the Covid-19 slump that has blitzed even the most optimistic projections, a move that will keep public finances in the red for years to come.
While Prime Minister Scott Morrison’s conservative administration has abandoned any pre-pandemic commitments to a budget surplus, a significant boost in tax receipts from mining exports has helped trim the projected deficit for the current fiscal year.
Budget 2021: How did #auslaw fare?
By Jerome Doraisamy|11 May 2021
Treasurer Josh Frydenberg has delivered the 2021-22 federal budget. Here’s what lawyers and law firms across the country need to know.
On Tuesday morning, Treasurer Josh Frydenberg said that while the Australian economy is recovering well from the age of coronavirus, and has outperformed “all major advanced economies around the world”, the nation is not yet out of the woods.
“There is still more to do. We must secure Australia’s economic recovery,” he proclaimed.
He promised that the budget, delivered last night, would lay out the Morrison government’s plans to secure Australia’s recovery from the pandemic: “Australia’s strong position today is not the result of luck. Australia makes its own luck.”