Australia will suffer a $184.5 billion deficit as the coronavirus drives a wrecking ball through the economy.
Gross government debt will blow out to $677.1 billion this financial year.
Treasurer Josh Frydenberg revealed the true cost of the coronavirus pandemic in a special budget update on Thursday.
The budget plunged $85.8 billion into deficit in 2019-20, which will more than double this financial year, as the country suffers its biggest hit since the Second World War.
Read more:
-
Treasurer unveils 'eye-watering' deficit
-
Australia suffers worst deficit since WWII
-
Unemployment to hit peak of 9.25 per cent
-
Virus drives net debt to a record $677.1b
Follow along with our live blog as we provide the latest updates and reactions from today's economic statement. It sometimes takes a moment but will appear below.
