Assistant Finance Minister Zed Seselja has told Sky News, Australia is better placed than “virtually any other nation” in terms of recovering from the economic crisis.
Treasurer Josh Frydenberg announced Australia’s gross debt is forecast to hit $851.9 billion with this year’s budget deficit expected to reach $184.5 billion due to the novel coronavirus.
Mr Frydenberg said unemployment would peak at 9.25 per cent in December, although the real number will far exceed that number, with the virus wreaking havoc on large swathes of the economy.
Senator Seselja said the economic outlook will be a very significant challenge; there is “no sugar coating it”.
However, he pointed to the Coalition government’s financial and economic management which has resulted in the relative strength of the balance sheet and the budgetary position, placing the country in good stead.
“We have been better placed than virtually any other nation to respond, to respond strongly, to protect the health and wellbeing of Australians,” he said.
“Our debt position into the future (will) continue to be comparatively much lower than most.
“But because we’ve been able to respond in the way that we have, the economic hit – whilst severe in this country – is considerably less than in most comparable OECD countries.”
From: Sky News Australia