At the time, Australia's net debt was -$22.1 billion, meaning it held $22.1 billion more than it owed.In the final months of the Rudd government in July 2013, Australia's net debt position had risen to $159.6 billion, due in large part to its stimulus spending during the GFC.It left Australia with a debt-to-GDP ratio of 10.4 per cent.The spread of coronavirus across Australia could see unemployment reach about 10 per cent and house prices drop 20 per cent, says one economist.The Morrison Government, by comparison, has announced stimulus packages worth $213 billion so far.When the Coalition Government replaced the Rudd government at the 2013 election, net debt was $174.5 billion, having risen by $15 billion in the three months leading up to the election.In December last year, Australia's net debt position was estimated to be peaking at $392.3 billion this financial year, before slowly reducing in size.But the net debt position is now likely to jump to $507 billion this financial year.It could see Australia's net-to-GDP ratio it 26 per cent — well above the Rudd government's 10.4 per cent.Cherelle Murphy, a senior economist at ANZ, says the Government's $130 billion wage subsidy package will "undoubtedly" prevent the unemployment rate rising as much as it would have otherwise.Breaking down the latest news and research to understand how the world is living through an epidemic, this is the ABC's Coronacast podcast.She had been assuming that, with a widespread shutdown of economic activity of about six weeks, followed by a progressive lifting of restrictions, more than 1.1 million workers would have lost their jobs in coming months, swelling the number of unemployed to 1.8 million.That meant the unemployment rate was going to jump from 5.1 per cent to 13 per cent in the June quarter, before dropping back to 8 per cent by the end of the year when the economy starts to recover.But she says the Government now appears to be planning for a longer, harsher shutdown, because it thinks 6 million Australians will be accessing the fortnightly JobKeeper payments over the next six months.That complicates her unemployment forecasts, but she thinks the payments will prevent a huge number of people from becoming unemployed. You could wrap $1 bills around the Earth 1,780 times with the debt amount. The data reached an all-time high of 34.7 % in Jun 2019 and a record low of 9.6 % in Jun 2007. Spotless laundry shut down due to coronavirus after company tried to force staff to work ‘Read the room’: WA doctors’ terse message to Clive Palmer on borders Woolworths customers urged don masks to ‘lead the way’ in virus fight NZ-style lockdown possible for Victoria amid ‘significant’ virus challenge Top Republican and Trump supporter dies of coronavirus Woolworths customers urged don masks to ‘lead the way’ in virus fight NZ-style lockdown possible for Victoria amid ‘significant’ virus challenge Ghislaine Maxwell documents released in Jeffrey Epstein case ‘Animal hero’ rescues and rehabilitates two-legged huntsman ‘Read the room’: WA doctors’ terse message to Clive Palmer on borders The New Daily uses cookies. The Australian government has already racked up a hefty debt battling the coronavirus’ economic fallout, and more is expected to come.Despite bringing state and federal governments’ total stimulus expenditure to $200 billion, the package was Shadow Treasurer Jim Chalmers also threw his support behind the package, telling Dr Chalmers added, however, that the nation will be paying off those debts for years to come.“The most pressing priority is that we support workers, businesses, communities, families and pensioners through this difficult period. Search real estate for sale or rent anywhere in Australia from licensed estate agents on What Australia’s skyrocketing government debt means for workersNZ-style lockdown possible for Victoria amid ‘significant’ virus challengeWoolworths customers urged don masks to ‘lead the way’ in virus fightCOVID case sparks fears of aged-care infections in QldGhislaine Maxwell documents released in Jeffrey Epstein caseSpotless laundry shut down due to coronavirus after company tried to force staff to workTop Republican and Trump supporter dies of coronavirus‘Read the room’: WA doctors’ terse message to Clive Palmer on borders‘Animal hero’ rescues and rehabilitates two-legged huntsman

Please try again. The fiscal balance for the 2018-19 financial year to 28 February 2019 was a deficit of $2,825 million.

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