Australia Budget Blowout to Hit Post-War High Amid Outbreak

(Bloomberg) — Australia’s government will deliver an economic and fiscal update that’s set to show the biggest budget blowout since World War II, while a second wave of infections delays a pivot in stimulus toward recovery.

Treasurer Josh Frydenberg will forecast a budget deficit of A$191.5 billion ($134 billion) — around 10{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} of GDP — for the 12 months through June 2021, a Bloomberg survey of economists showed ahead of the release at 11 a.m. in Canberra Thursday. They estimate the budget shortfall was A$93 billion in the fiscal year that ended last month.

The run-up to the Treasurer’s statement