The Australian government launched an economic budget for next fiscal year dedicated to creating jobs and supporting the economic recovery affected by Covid-19.
On Tuesday, Australian Finance Minister Josh Frydenberg unveiled a $ 589 billion budget for the fiscal year ending June 2022.
In addition, the treasury also pledged $ 30 billion in tax cuts and increased financial support for Covid-19-hit industries including tourism.
With the unemployment rate projected to fall below 5% as early as next year, the government is committed to continuing to help create jobs.
During the presentation session, Frydenberg said the Australian economy had bounced back even as net debt rose to $ 617.5 billion and the deficit is expected to reach $ 161 billion this financial year ending June 30.
The government has set aside efforts to get a balanced budget in reviving the economy hit by the Covid-19 pandemic.
It will now lower its annual deficit for a forecast that extends through June 2025, with the debt burden expected to reach nearly $ 1 trillion dollars during that period.
Economic and health support measures since the outbreak began have now totaled $ 311 billion, with an additional $ 41 billion economic stimulus undertaken since the mid-2020-2021 economic forecast.
