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The Treasurer, Josh Frydenberg, has revealed an unsurprising, but record-breaking financial outlook.

Australia’s anticipated ‘Back In Black’ surplus for 2020 is a distant memory as the 19/20 figures show a deficit of $85.8 billion and the forecast for 20/21 is anticipated to reach 184.5 billion.

But, national debt as a percentage of GDP is still much lower than other developed countries, and economists say the Federal Government’s approach to spending is the only option we could have taken through COVID-19.

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