General
Falling JobKeeper demand and booming iron ore prices offer $16 billion improvement to Federal Budget
Fewer people needing JobKeeper as well as booming iron ore export prices have delivered a $16 billion improvement to the Federal Budget’s bottom line, but the Government is still on track for a record deficit.
Key points:
- The Australian economy appears to be rebounding quicker than expected from coronavirus
- A record deficit is still expected at $198b, down from $214b forecast in October
- The number of people on JobKeeper sits at 1.6 million, down from the 2.2 million expected
The economy appears to be rebounding quicker than the Federal Government expected just weeks ago when the Budget was handed down in October.
Treasury had forecast the economy would shrink this financial year, in line with the nation slipping into its first recession in…
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