Australia's big budget deficit

Federal Treasurer Josh Frydenberg has revealed Australia’s budget deficit hit almost $86 billion last financial year, the largest since world war two.

Federal Finance Minister Mathias Cormann. Source: AAP

Mr Frydenberg says the blow to the budget, shows the cost of protecting lives and livelihoods amid the coronavirus pandemic.

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Highlights

• Last year's promised $5 billion surplus has plunged to a $85.8 billion deficit
• It's wiped out this year's projected $6.1 billion surplus by $184.5 billion dollars.
• The latest numbers are the result of $187.5 billion in stimulus and health spending.

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