Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.WatchDuration: 2 minutes 29 seconds2m 29s Josh Frydenberg confirms negative GDP growth amid 'uncertain' timesShareFacebookTwitterArticle share optionsShare this onFacebookTwitterLinkedInSend this byEmailMessengerCopy linkWhatsAppPrint contentPrint with images and other mediaPrint text onlyPrintCancelAustralia's budget deficit hit almost $86 billion last financial year, the biggest blow to the bottom line since World War II, Treasurer Josh Frydenberg has revealed.Key points:A forecasted $5 billion surplus for 2019-20 ended in a deficit of almost $86 billionIt is expected to reach another record high next year, at more than $184 billionThe Treasurer says the deficits show the cost of protecting lives and livelihoodsThe deficit is projected to grow even further this financial year, with the Government forecasting a blowout of more than $184 billion in 2020-21.The Government has delayed the budget until October and instead today delivered an economic and fiscal update, which revealed the depths of the economic destruction of the coronavirus.Treasury is predicting the unemployment rate will be above 9 per cent by the end of this year."Our economy has taken a big hit and there are many challenges to confront," Mr Frydenberg said.For the latest news on the coronavirus pandemic follow our live coverage.In December last year, Mr Frydenberg was forecasting a $5 billion budget surplus in 2019-20.But coronavirus spending measures, including the $86 billion JobKeeper wage subsidy, have instead taken debt to record levels."These deficits reveal the real cost to the budget of protecting lives and livelihoods as result of coronavirus," the Treasurer said.The Government expects net debt reached $488 billion at the end of June. It expects that will grow beyond $677 billion, equivalent to almost 36 per cent of gross domestic product, this financial year.Gross debt was $684 billion at the end of 2019-20 and is tipped to be almost $852 billion in 2020-21. If realised, gross debt would exceed Australia's debt ceiling of $850 billion. The Treasurer said the Government would revisit the debt ceiling in the budget because Australia was in a "very difficult and different time" and a new approach was needed.The Government faces the prospect of needing decades to pay back the debt incurred during the pandemic.But Mr Frydenberg refused to set a timeframe besides "a number of years"."We're not putting a date on it, because we want to grow the economy," he said. "What I can tell you is we'll be doing everything to get people back into jobs and ultimately grow the economy." Josh Frydenberg delivered the July economic and fiscal update on Thursday.(ABC News: David Sciasci)Shadow Treasurer Jim Chalmers described the figures in the budget update as "very confronting" and argued the Government had not yet detailed how it would drive Australia's economic recovery."Australians who are looking to the Government for a plan to deal with this jobs crisis in this recession,
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