Economy facing record contraction, budget heading for $160b deficit: Westpac
By Shane Wright
March 24, 2020 — 7.45pm
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The budget deficit could blow out to $160 billion next financial year, Westpac believes, as stimulus measures and a collapse in tax revenues due to the coronavirus pandemic wreak havoc on the Morrison government's fiscal strategy.
The bank also predicted the unemployment rate would jump to 11.1 per cent over the next three months, pushing up to 814,000 people onto the jobless queue, and the economy was headed for its biggest short-term contraction on record.
The AUD$ will collapse against the USD to $0.45 in coming months IMO
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