Treasurer Josh Frydenberg and Finance Minister Mathias Cormann delivered an update on Australia's economic and fiscal outlook in the wake of the COVID-19 pandemic.
They revealed that the budget deficit for the financial year 2019/20 was A$85.8 billion ($61.2 billion).
The deficit is projected to grow to A$184.5 billion in 2020/21.
Australias debt will grow to A$677.1 billion, more than a third of the GDP by June 30, 2021.
However, Frydenberg said that the burden was “manageable” on account of record-low interest rates.
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