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.
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.
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