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‘Very Big’: The budget deficit we had to have

BROOKE CORTE

The upcoming federal budget will include the largest deficit ever recorded, tipped to exceed $200 billion, the direct result of massive spending and stimulus programs as the nation grapples with the biggest economic crisis in 90 years.

However, Commonwealth Bank head of Australian Economics Gareth Aird says the budget blowout can be viewed as being entirely manufactured by a government doing whatever it takes to protect millions of jobs.

“The government is trying to solve the health crisis and the budget is going to cop a massive hit in doing so,” Mr Aird tells Brooke Corte.

“You end up with an incredibly large deficit but I think it’s one we have to have because the most vital thing at the moment is to support the economy,

“What we don’t want at the moment is high unemployment, that’s the key considering the government will be looking at when framing this budget,

Click play to hear the full interview:

 

BROOKE CORTE
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