Australia is set to record its biggest budget deficit since the World War II as the government spurred spending to cushion the blow from the coronavirus pandemic.
In the latest economic and fiscal update, released Thursday, the Treasury said the underlying cash balance will be in a deficit of A$184.5 billion in the financial year ending June 2021 due to the unprecedented level of economic support coupled with declines in tax receipts.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.