On Tuesday 14 May 2020, Treasurer Josh Frydenberg delivered a ministerial statement on the economy to Parliament in lieu of the delayed 2020-21 federal budget. He outlined a sobering economic outlook, with Australia’s GDP predicted to fall by over 10 per cent in the June quarter, which would be the biggest fall on record.

Other key points include:

  • The underlying cash deficit to the end of March was $22.4 billion, $9.9 billion higher than forecast in MYEFO;
  • Tax receipts were $11.3 billion lower than forecast in MYEFO;
  • payments were still $1.4 billion lower than in the MYEFO profile, but this would change in the months onwards as the measures the Government have implemented continue to ramp up;
  • Since MYEFO, the total face value of Australian Government Securities on issue has increased by more than $50 billion from $560 billion to $618 billion as of 8 May 2020.

Read the statement


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