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.
This Newsletter provides general information only. The content does not take into account your personal objectives, financial situation or needs. You should consider taking financial advice tailored to your personal circumstances. We have representatives that are authorised to provide personal financial advice. Please see our website https://superevo.net.au or call 02 9098 5055 for more information on our available services.