Treasurer Josh Frydenberg yesterday delivered a sobering economic statement to Parliament. In stark contrast to the premature “back in the black” celebration just 12 months ago, the Treasurer detailed the “significant increase in government debt which will take many years to repay”. In the absence of any meaningful scrutiny from the opposition, the coronavirus pandemic has effectively given the government a free cheque without the burden of justifying the severe measures it has taken both in terms of the lockdown and the fiscal response.
Total Australian debt has already blown out to $618 billion, up $50 billion since December.
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