The government in Australia announced a very important decision today, as it issued the federal budget, in order to extricate the country from the economic recession that the country has been experiencing, since nearly thirty years, in addition to what the country has witnessed in the wake of forest fires and the Corona pandemic.
Treasury Chief Josh Frydenberg made the remarks during the speech issued today during his session before the Australian Parliament, which was broadcast on Australian television in 2020.
Friedenberg added that Australians have been subjected to a test unlike anything before: floods, fires, droughts and a global pandemic.
He added that "the road to recovery will be difficult, but there is hope," and you will witness the budget, which is the most important since the Second World War.
Which amounts to 98 billion Australian dollars (70 billion US dollars), the government spends heavily on infrastructure, health and job creation.
This comes on top of nearly $ 300 billion in emergency incentives from the government this year to "cushion the blow and boost recovery" from the pandemic.
Friedenberg revealed a budget deficit of more than $ 7.213 billion in the 2021-2020 fiscal year, or 11% of GDP.
It is the largest in decades. And before the outbreak of the epidemic and the entry of Australia, which has a population of about 25 million, in its first recession in a year.
And Edinburgh had forecast a budget surplus of $ 1.6 billion. The unemployment rate in Australia is currently 8.6%.
According to the latest statistics from the Australian Bureau of Statistics. The number of unemployed increased by 206,200 people over the year until August 2020.