CANBERRA, Australia – The Australian government Tuesday will reveal a big spending financial blueprint for the next few years that will drive business investment and job creation while repairing pandemic damage to the economy, the treasurer said.
The government is also expected to accrue record debt in the current fiscal year that ends on June 30, 2021, Treasurer Josh Frydenberg told reporters.
“I will lay out our economic recovery plan to rebuild the Australian economy and secure Australia’s future,” he told reporters.
Budget plans usually delivered in May were delayed this year due to the economic uncertainty created by the coronavirus pandemic. The forecasts assume a COVID-19 vaccine will become available next calendar year.
“Our plan will create jobs. Our plan will create opportunity. Our plan will drive investment. Our plan will grow the economy and guarantee the essential services Australians rely on,” Frydenberg said.
The annual budget is expected