Australia Deficit Blows Out to $132 Billion, Jobless Peak 9.25{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49}

(Bloomberg) — Australia’s budget deficit will blow out to a post-World War II record amid a surge in spending to plug a virus-induced gaping economic hole, as the government sees the crisis spilling into next year.

The underlying cash balance will be a A$184.5 billion ($132 billion) shortfall in the 12 months through June 30, 2021, the government said in an economic and fiscal update released in Canberra Thursday. The deficit in the fiscal year ended last month was estimated at A$85.8 billion.

“These harsh numbers reflect the harsh reality we face. The economic outlook remains very uncertain. Recent events