$85.8 billion deficit, the largest since World War II, Australian Government announced

Treasurer John Frydenberg gave the federal government's economic update, also revealing that unemployment is expected to peak around 9 per cent in December. He said the federal government recorded a deficit of $85.8 billion in 2019-20, which is projected to blow out to $184.5 billion in 2020-2021 as a result of record spending.

Budget deficit to hit $184.5B this financial year, unemployment to peak at 9.25% in December 2020. Source: Getty Images/Lighthousebay

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