D-Day: Australia’s $851.9bn debt the highest level since WWII

Treasurer Josh Frydenberg has announced Australia’s gross debt is forecast to hit $851.9 billion with this year’s budget deficit expected to hit $184.5bn due to the coronavirus.

Mr Frydenberg said unemployment would peak at 9.25 per cent in Dec with real GDP to decline by 2.5 per cent next year.

"The economic outlook remains very uncertain," he said.

"Owing to historically low-interest rates, our debt burden remains manageable."

Image: News Corp Australia

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From: Sky News Australia

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