Treasurer says economy 'rebounding strongly' from coronavirus recession

Australia's economy appears set to recover quicker than expected from the challenges put forth by the COVID-19 pandemic. Federal treasurer Josh Frydenberg has delivered the Mid-year Economic update, three months after the country declared an official recession.

Treasurer Josh Frydenberg addresses the media as he hands down the Mid-Year Economic and Fiscal Outlook (MYEFO) 2020/21 December 17, 2020. NO ARCHIVING Source: AAPAAP Image/Mick Tsikas

The government's almost $214 billion budget deficit has been revised down to just under $200 billion.

The government says it's due to lower unemployment rates, higher tax receipts and decreased spending on wage subsidies. 

The Reserve Bank has said the jobless rate is now unlikely to reach 8 per cent as previously feared.

 

Visit our Facebook for more Japanese stories and images.