Australia plans big spending pandemic measures, record debt

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

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U.S. Jobs Report, Manhattan Homes, Brazil Spending: Eco Day

(Bloomberg) — Welcome to Friday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

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The last U.S. jobs report before November’s presidential election is projected to show a sharp deceleration in labor-market gains, suggesting the winner will inherit an increasingly shaky economic reboundU.S. stimulus talks remain on life support after the House passed a Democrat-only $2.2 trillion package that did nothing to bridge the gap with RepublicansFor Manhattan home sales, it’s beginning to look a lot like 2009. Unsold listings in the third quarter surged to 9,319, a level not seen since the midst of the global financial crisis 11 years agoBrazil’s President Jair Bolsonaro, who rose to power by painting himself a fiscal bulldog, is suddenly pushing to ramp up social spending, leaving markets startled and budget experts confoundedThe number of insolvency filings in Canada plunged to the lowest level

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This Week: Home prices, consumer spending, nonfarm payrolls

The Conference Board issues its latest monthly snapshot of U.S. consumer confidence Tuesday

A look at some of the key business events and economic indicators upcoming this week:

EYE ON CONSUMERS

The Conference Board serves up its latest monthly snapshot of U.S. consumer confidence Tuesday.

Consumer confidence, by month:

April 85.7

May 85.9

June 98.3

July 91.7

Aug. 84.8

Sept. (est.) 90.0

Source: FactSet

IN A SPENDING MOOD?

The Commerce Department issues its August tally of consumer spending Thursday.

Consumers have increased

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