Take away COVID and the economic fundamentals are extremely good. The bounce back will be aggressive.
You can’t simply ‘Take away COVID’, and COVID is going to have long-term adverse economic consequences.
No rapid rebound as four-year budget to suffer $553bn hit
The Australian - Page 4 : 23 September 2020
Original article by Adam Creighton
Roy Morgan Summary
AMP Capital's chief economist Shane Oliver expects the federal government to post a combined Budget deficit of $529bn over the four financial years to June 2023. He has also forecast that gross federal public debt will rise from 34 per cent of GDP to 54 per cent over this period; he warns that public debt in Australia and other developed countries may remain relatively high for some time in the wake of the coronavirus pandemic. Oliver anticipates a budget deficit of $230bn for the current financial year. The government had forecast a surplus of $6.1bn in its mid-year economic and fiscal outlook in December.