Treasurer announces $85.8 billion deficit, the largest since World War II

Treasurer Josh Frydenberg at a press conference at Parliament House in Canberra, Monday, July 6, 2020. (AAP Image/Mick Tsikas) NO ARCHIVING

Federal Treasurer Josh Frydenberg Source: AAP

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Treasurer Josh Frydenberg has announced a deficit of $85.8 billion in 2019-2020 and $184.5 billion in 2020-2021 due to coronavirus spending measures and a downturn in revenue.

Treasurer John Frydenberg says Australia faces its largest budget deficit since World War II as the coronavirus crisis wreaks havoc on the country's finances.

Mr Frydenberg on Thursday morning gave the federal government's economic update, also revealing that unemployment is expected to peak around 9 per cent in December.

Read the full article in English here.