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Meanwhile, the finance minister, Mathias Cormann, is talking in Canberra running through the fiscal supports the Australian government has put in place, and foreshadowing – with very little detail – a five-year economic plan to pull the country out of the recession.
We are doing all of this against the backdrop of an economic and fiscal outlook that remains highly uncertain ... but we are in a better, stronger, more financially resilient position than just about any country in the world.
Cormann said the detail of the five-year plan will be unveiled in the federal budget in October, which will also have the full four years of forward estimates. They are only dealing with two years today, 2019-20 and 2020-21.
Updated at 11.21am AEST
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46m ago 11:18
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50m ago 11:14
NSW has recorded 19 new coronavirus cases
NSW recorded 19 new cases of coronavirus in the 24 hours to 8pm yesterday.
The 19 new cases are:
Three people associated with the Crossroads Hotel cluster
Nine people associated with the Thai Rock restaurant cluster
Three cases still under investigation
One south-western Sydney resident who acquired their infection in Victoria and has been self-isolating since arriving in NSW
Three returned travellers in hotel quarantine.
Updated at 11.17am AEST
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52m ago 11:12
Frydenberg said Australia was still performing stronger than other comparable nations.
Despite our increased debt levels they remain lower than many comparable nations will exit this crisis with.
He said that globally the average debt ratio is expected to exceed 100% by the end of 2020.
Updated at 11.13am AEST
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53m ago 11:11
Katharine Murphy
Katharine Murphy
Here are the key numbers:
Two deficits, $85.8bn in 2019-20 and $184.5bn in 2020-20.
Net debt $488.2bn at 30 June 2020 and $677.1bn the following year.
Tax receipts are down $31.7bn in 2019-20 and $63.9bn in 2020-21.
Growth will fall by 3.75% this year and GDP is forecast to be 2.5% higher next year.
Unemployment to peak at 9.25% in the December quarter.
Updated at 11.20am AEST
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55m ago 11:09
Frydenberg said the coronavirus has had “a significant impact on the budget bottom line”.
He said the Australian government has introduced fiscal support measures worth $164bn, or 8.4% of GDP.
99% of that spending is over the financial years 2019-20 and 2020-21.
Our measures have been temporary, they have been targeted, and they have helped to maintain the structural integrity of the budget.
Updated at 11.20am AEST
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1h ago 11:07
GDP to fall by 3.75% in 2020
Frydenberg says the coronavirus crisis means Australia’s GDP will fall 3.75% in 2020, but grow by just over 2% in calendar year 2020.
In the financial year 2019-20, he says, the real GDP will fall by 0.25%, and in 2020-21 it will be 2.5% down.
Frydenberg:
The coronavirus crisis has led to unprecedented economic support to the tune of around $11tn. Here in Australia the Morrison government has deployed $289bn ... the equivalent of 14.6% of GDP.
Our economic strength going into this crisis has given us the financial firepower to respond.
He said a significant decline in tax receipts and a large increase in government payments had led to a “dramatic change in the budget position”.
These harsh numbers reflect the harsh reality we face.
Updated at 11.13am AEST
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1h ago 11:05
Victoria has recorded five new deaths from coronavirus, and 403 new cases
Victorian premier Daniel Andrews says Victoria has recorded 403 new cases overnight, and five new deaths.
Four of the people who died were in aged care.
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1h ago 11:00
The treasurer, Josh Frydenberg, has begun giving the economic update.
We’re also expecting Daniel Andrews to step up soon. I’ll cut to that with the numbers when we get them.
I hope it's gonna be a better day.
Stay positive
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