Australian Treasurer Frydenberg forecasts budget deficit of AUD213.7B in 2020-21

Key highlights

Australia sees GDP growth at -1.5% in 2020/21, +4.75% in 2021/22 and +2.75% in 2022/23.

Australia sees the unemployment rate at 7.25% in 2020/21 and then falling to 5.5% by 2023/24.

Australia sees CPI inflation at 1.75% In 2020/21, 1.5% in 2021/22 and 2% in 2023/24.

To lower personal incomes taxes via A$17.8 billion stimulus.

Businesses can write off the full value of any assets bought, use losses up until June 2022.

Universities get a research boost of A$1 billion.

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