The federal government debt has jumped to nearly 25% of gross domestic product (GDP), courtesy of the significant surge in the increased welfare payments amid the coronavirus crisis, the Australian Treasurer Josh Frydenberg said at a news briefing in Canberra on Friday. Additional comments “Government debt for the year ending June 30 totaled A$491.2 billion ($346.6 billion), or 24.8% of the country’s GDP.” “The figure is slightly higher than Australia’s official forecast in July of A$488.2 billion, or 24.6% of GDP.” “The budget swung into a massive deficit of A$85.3 billion, slightly lower than its July forecast of A$85.8 billion.” Market reaction Amid risk-on buying and broad US dollar pullback, the recovery in the AUD/USD pair is gaining momentum above 0.7050. The AUD bulls ignore the above comments. The spot adds 0.13% to now trade at 0.7056. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold sell-off pauses as US dollar retreats from two-month high FX Street 1 year The federal government debt has jumped to nearly 25% of gross domestic product (GDP), courtesy of the significant surge in the increased welfare payments amid the coronavirus crisis, the Australian Treasurer Josh Frydenberg said at a news briefing in Canberra on Friday. Additional comments “Government debt for the year ending June 30 totaled A$491.2 billion ($346.6 billion), or 24.8% of the country's GDP.” “The figure is slightly higher than Australia's official forecast in July of A$488.2 billion, or 24.6% of GDP.” “The budget swung into a massive deficit of A$85.3 billion, slightly lower than its July forecast of A$85.8 billion.”… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
