Original article by Simon Benson
The Australian – Page: 5 : 11-May-20
A new report from Deloitte Access Economics forecasts that the coronavirus pandemic will reduce national income by 10 per cent, which equates to nearly $200bn. The firm also expects income tax revenue to fall by $14bn in 2020 and $37bn in 2021, and warns that the unemployment rate may not return to five per cent until 2024. Deloitte also expects the Australian economy to recover from the pandemic more quickly than other countries. Treasurer Josh Frydenberg will release an economic statement on the coronavirus on 12 May.
DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY