Australia’s financial position was strong
The Federal Government was due to hand down Australia’s first budget surplus in more than a decade today. The coronavirus pandemic has meant this will be delayed until October 6 2020.
The news will be sobering with GDP set to fall by 10 per cent over the June quarter.
Finance Minister Mathias Cormann joined Perth LIVE where he told Oliver Peterson the government is not in a position to make “credible forecasts right now.”
“Because of the rapidly evolving situation we need to really wait until the dust settles somewhat,” said Mr Cormann
“We were on track to be in surplus this financial year.
“We did go into this crisis in a comparatively stronger position than we would have if we hadn’t worked to repair the budget over the first six years in government.”
Mr Cormann also said Treasurer Josh Frydenberg is sounding fit and well after suffering a coughing fit while delivering a speech in Parliament today.
The Treasurer is now being tested for coronavirus as a precaution and is in isolation awaiting results.
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