On 23 July 2020, the Treasurer released an update on Australia’s Economic and Fiscal Outlook.
The update provided details of the impact of the COVID-19 pandemic on Australia’s economy and fiscal position, taking into account the stimulus measures introduced, including the JobKeeper program.
This follows announcements on 21 July 2020 in respect of the outcomes of Treasury’s review of JobKeeper and the Coronavirus Supplement payment.
The update reiterates that the economic and fiscal outlook remains highly uncertain at this stage, and therefore presents fiscal estimates for 2019-20 and 2020-21 only. It highlights that the Government’s stimulus and support measures expenditure together with large declines in taxation receipts, has resulted in a major deterioration in the budget position.
Learn more about the economic outlook, a review of JobKeeper and support for businesses.