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No longer a disaster but a debt and deficit off-planet mountain – Sydney Morning Herald

Coronavirus has prompted tightly targeted policy responses from the Morrison government. It’s the reason for the huge deficit. But it’s not a free pass.

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The numbers unveiled by Josh Frydenberg and Mathias Cormann are butt-clenchingly large: a deficit this financial year of at least $184.5 billion that will probably nudge $200 billion by the time of the October budget and its extra spending measures; gross debt that will go through the government’s recently increased limit of $850 billion some time in 2021-22 with no idea how it will be paid down.
Frydenberg likened the effort ahead to climbing a mountain. But this ain’t no day-trip to Kosciuszk…

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