Australia's budget for the current fiscal year is heading to record the largest deficit since World War II as a share of GDP.
According to Arabia Net, the current fiscal year budget deficit is 184.5 billion Australian dollars, to more than double the level of deficit achieved in the fiscal year ending in June. 2020, which amounted to A $ 85.8 billion.
This is due to the outbreak of the Corona pandemic, which pushed the economy into its first recession in three decades and prompted the government to launch a stimulus package of about two hundred and ninety billion Australian dollars. >
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