High debt necessary to provide people with support, treasurer Josh Frydenberg has said during economic update Unemployment in Australia will creep over 9% by Christmas, and the federal budget will be in deficit to the tune of $85.8bn in 2019-20 and $184.5bn in 2020-21, according to a Treasury snapshot quantifying the devastating impact of the Covid-19 pandemic on the economy.The update released in Canberra on Thursday underscores the negative hit to economic growth.

“There were no new ideas on what the government presented today and there were very few new insights as well,” he said.“They told us that unemployment will keep rising – but they didn’t tell us what they would do to respond to that. Overall, GDP growth is expected to have been 2 per cent over 2019 (Table 5.1, Graph 5.1). GDP is expected to fall 0.3 percent The Australian economy is expected to record a contraction in GDP of around 10 per cent over the first half of 2020; total hours worked are expected to decline by around 20 per cent and the unemployment rate is forecast to rise to around 10 per cent in the June quarter. "However, a full recovery is some time away as there is no timetable for the reopening the border to allow international tourism and foreign students," Owyong added. Data are in current U.S. dollars. "The pandemic will produce a giant fall in activity in Q2, before a recovery begins in Q3," NAB economist Kaixin Owyong wrote in a note. In financial-year terms, real GDP will contract by 0.25% per cent in 2019-20 and by 2.5% in 2020-21.As well as economic activity contracting and the budget sliding into the red, gross debt hit a new record – $684.3bn at 30 June 2020 – and the forecast is $851.9bn by 30 June 2021.Spending on payments is up, and the tax take is down. Data is a real-time snapshot *Data is delayed at least 15 minutes. The government, meanwhile, unleashed a large fiscal stimulus plan, including a A$60 billion wage subsidy scheme.The Reserve Bank of Australia (RBA) has recently sounded less gloomy about the economy even though the country is in the midst of its worst downturn since the Great Depression as better health outcomes led to an earlier-than-expected re-opening of businesses. GDP in Australia is expected to reach 1320.00 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. Real GDP Growth YoY data in Australia is updated quarterly, available from Sep 1960 to Mar 2020, with an average rate of 3.3 %. "Full recovery will also require confidence in health and economic outcomes to be restored, where households may remain cautious for some time given record job losses and with the labour market historically lagging recovery in activity. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.

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