Australia faces 'sobering' future economy due to coronavirus Australia’s treasurer says the country faces a “sobering” economic outlook due to the effects of the coronavirus and will have its largest-ever deficit when a revised budget is released in OctoberCANBERRA, Australia -- Australia's treasurer said Tuesday the country faces a “sobering” economic outlook due to the effects of the coronavirus and will have its largest-ever deficit when a revised budget is released in October. But the government was forced to delay it until it assesses the full economic cost of the coronavirus. “Overall, the economic data has been sobering,” Treasurer Josh Frydenberg told Parliament on the first day of a scheduled three-day sitting this week. When Frydenberg released the 2019-20 budget in April 2019, he said Australia was “back in the black,” with a A$7.1 billion ($4.6 billion) surplus forecast this financial year. But the government revised its surplus forecast to A$5 billion ($3.2 billion) in December -- before devastating wildfires and the coronavirus hit the Australian economy.

Source: ABC News May 12, 2020 07:32 UTC