The second “pandemic” budget was delivered by Australia’s Treasurer Josh Frydenberg on Tuesday. “Australia is coming back,” he said. “The Australian spirit has shone through.” Showcasing the Australian economy, he said the deficit for 2021-22 will be at $106.6 billion – $53 billion lower than forecast in the last budget in October 2020. “Unemployment is at 5.6 per cent, lower than when the Coalition came into government,” he said. “The COVID-19 recession will see our deficit reach $161bn this year, falling to $57bn in 2024-25. With more Australians back at work, this year’s deficit is $52.7bn lower than was expected just over six months ago in last year’s budget. Net debt will increase to $617.5bn or 30 per cent of GDP this year and peak at $980.6bn or 40.9 per cent of GDP in June 2025.”