Media Releases → 2020

JOINT MEDIA RELEASE

Update on Economic and Fiscal Outlook

Senator the Hon. Mathias Cormann
Minister for Finance
Leader of the Government in the Senate
Senator for Western Australia

The Hon. Josh Frydenberg MP
Treasurer

Date: Wednesday, 3 June 2020

The Morrison Government’s economic response to the Coronavirus crisis is providing $259 billion or 13.3 per cent of GDP in support for workers, households and business.

The position of strength from which we entered the crisis together with this unprecedented support has seen the Australian economy perform better than almost every developed economy in the world.

In April, the Government indicated that it would provide an update on the economic and fiscal outlook in June.  

Since then, Australia’s continued success in flattening the curve means we have been able to begin reopening our economy more quickly than initially expected.   

Treasury has also since commenced its review of the JobKeeper program, which is not expected to be concluded until the end of June.

As a result, the Government has taken the decision to defer the economic and fiscal update to 23 July 2020, so that it can incorporate the outcomes of the JobKeeper review. 

Delivering the update in July will also enable the economic and fiscal outlook to take account of progress made under the three step plan outlined by National Cabinet in early May which had the objective of seeing a sustainable COVID safe Australia in July 2020.

The Government will continue to provide updates on the fiscal position through the release of the Australian Government General Government Sector Monthly Financial Statements.

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