Australian government unveils largest deficit on record

The Australian Government unveiled it’s largest deficit on record and forecast a decade of debt in a budget designed to help the economy through recession.

2008/09 fiscal deficit A$ 32.9 bln

2009/10 fiscal deficit A$ 53.1 bln

Net debt seen at A$ 53.7 bln in 2009/10, A$ 112.2 bln in 2010/11

2008/09 GDP flat, 2009/10 GDP -0.5%

Jobless rate to rise to 6% in 2008/09, 8.25% in 2009/10

Government estimates 2009/10 total bond issuance at A$ 60 bln.