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LATEST FINANCIAL STATEMENTS REINFORCE THE NEED FOR BUDGET UPDATE IN MAY

April 24, 2020

Today’s release of the March 2020 Monthly Financial Statements provides the first insight into the impact of the  COVID-19 pandemic on the budget with the figures showing a  $10 billion deterioration from the December 2019 budget update. 
 
The worsening bottom line is largely caused by taxation receipts being down by more than $11 billion with company tax revenue almost $4 billion behind the MYEFO estimates.
 
Today’s figures also show that net debt is now sitting just under $430 billion. Even before the crisis this Government had doubled the debt they inherited when they came to office in 2013.
 
These statements do not show the full impact on payments as part of the Government’s economic response to the coronavirus which, while essential to support Australians, will only add to the budget deterioration in coming months. 
 
With the budget not being held until October 2020 it is critically important that the Government provide an economic update to the Australian people when the parliament returns in May.
 
In such unprecedented times, where more than $200 billion in direct budget assistance being spent to support people, jobs and businesses it is essential that the Government provides as much information as they can about the state of the budget and the economy as Australia works through the impact and effects of the COVID-19 pandemic.
 
FRIDAY, 24 APRIL 2020