The government’s July budget update gave an insight into the economic impact of the health crisis, below is a video to assist you to stay up to date with the latest indicators.
The economy contracted by an estimated 0.25% in 2019-20, with a further fall of 2.5% in 2020-21.
The budget deficit is estimated to be:
- $85.8 billion in 2019-20 (4.3% of GDP, and
- $184.5 billion in 2020-21 (9.7% of GDP).
This would be the biggest deficit as a share of GDP since 1946 in the aftermath of WWII.
The current cash target rate of 0.25% has been left unchanged.