Coronavirus to drive Australia into highest debt since World War II
SKY NEWS AUSTRALIA
The Treasurer has called for the global economy to be put into a "controlled hibernation" during the coronavirus emergency. In a virtual meeting of G20 finance ministers, Treasurer Josh Frydenberg urged world leaders to take a coordinated approach, saying “quick, strong, coordinated action now will minimise the permanent human and economic damage”. The pandemic is expected to drive Australia into the highest levels of debt since the second World War. Some economists expect Australia’s debt levels could hit $1.5 trillion next year, due to massive economic stimulus packages rolled out by the government to keep the economy afloat – on top of a fall in company tax receipts. They warn the state of the economy could trigger a shake-up of the current GST system.