The government’s July budget update gave an insight into the economic impact of the health crisis, below is a video to assist you to stay up to date with the latest indicators.
The economy contracted by an estimated 0.25% in 2019-20, with a further fall of 2.5% in 2020-21.
The budget deficit is estimated to be:
– $85.8 billion in 2019-20 (4.3% of GDP, and
– $184.5 billion in 2020-21 (9.7% of GDP).
This would be the biggest deficit as a share of GDP since 1946 in the aftermath of WWII.
The current cash target rate of 0.25% has been left unchanged.
Please get in touch if you’d like assistance with your personal financial situation.
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This website contains general advice which does not consider your particular circumstances. You should seek advice from Wealth & Retirement Solutions who can consider if the general advice is right for you. You should also consider the Product Disclosure Statement before making any investment or product decisions. This website contains past performance information. Past performance is not always a reliable indicator of future performance and you should not rely solely on it to make investment decisions.