SENATOR KATY GALLAGHER SHADOW MINISTER FOR FINANCE SHADOW MINISTER FOR THE PUBLIC SERVICE CHAIR OF THE SENATE SELECT COMMITTEE ON COVID-19 SENATOR FOR THE AUSTRALIAN CAPITAL TERRITORY
Today's release of the May 2020 Monthly Financial Statements reveal that the Federal Budget is now recording its biggest budget deficit since records began 50 years ago.
The budget bottom line has deteriorated by more than 40 billion at the end of April to 28 billion of the deteriorating budget figures, with the majority of that being 463.7 billion, up from $441.3 billion, after this Government had doubled the debt prior to the impacts of COVID-19 hitting the budget.
The May figures also show the fiscal impact of the increased but essential spending on programs like JobKeeper and JobSeeker which have worked to support jobs and households through the pandemic.
With these programs due to finish in just 93 days and with more than 5 million Australians relying on them to keep food on the table for their families, Scott Morrison must release the JobKeeper review immediately, outline a clear plan for economic recovery and provide some certainty for workers and employers for the months ahead.
