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Australian Treasurer Josh Frydenberg warns that the road ahead for the economy remains challenging despite a strong rebound.

The unemployment rate will fall to pre-COVID-19 levels in around four years, he added.

His comments come as he presents the Mid-Year Economic and Fiscal Outlook (MYEFO) update this Thursday.

Key takeaways from the Budget issued

Budget deficit forecasts just under AUD 198bn for 2020/21.

GDP forecast higher at 4.5% in 2021.

Unemployment rate seen peaking at 7.5% in Q1 2021.