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Federal Budget hole to hit $442b, but report suggests increasing spending on welfare, GST relief and income tax cuts – ABC News

The Federal Government will release its Mid-Year Economic and Fiscal Outlook (MYEFO) later this week, which is expected to show a better bottom line.

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The coronavirus crisis will punch a $442 billion hole in the federal budget, an economic forecaster suggests while calling on the Federal Government to carry deficits in order to boost welfare, reduce the rate of the goods and services tax and lower personal taxes.
Key points:

  • This week’s Mid-Year Economic and Fiscal Outlook (MYEFO) is expected to show a better bottom line
  • But the budget will remain in deficit for some time, with economists calling on the Federal Government to keep spending our way…

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