COVID measures to cost Australia $800 billion over the next decade

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 Confronting new budget forecasts reveal Australia’s net debt could blow out by as much as $800 billion over the next 10 years – nearly a quarter of the country’s gross domestic product (GDP) and $180 billion more than was predicted just two months ago.


Friday’s updated medium-term fiscal scenarios from the Parliamentary Budget Office suggests net debt in 2029-30 could be between 14 and 24 per cent of GDP higher than it would have been before the virus hit.


Read more:  https://www.news.com.au/finance/economy/australian-economy/covid-measures-to-cost-australia-800-billion-over-the-next-decade/news-story/8d6b004276cb447763b75dcf492b54a8

Treasurer Josh Frydenberg predicted net debt would reach zero by the 2029-30 financial year during last year’s budget – a goal COVID-19 has made impossible. Picture: Sam Mooy/Getty Images

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