Budget deficit: People walk through Sydney’s central business district. Australia’s budget deficit is set to blow out to a post-World War II record amid a surge in government spending aimed at cushioning the impact of the global health crisis. — AFP
SYDNEY: Australia’s largest companies are heading into one of the worst reporting seasons on record amid a pandemic that’s sent the economy into its first recession in almost 30 years.
After some initial progress containing the coronavirus, the country is battling a renewed outbreak in its second largest state that’s forced around five million people into a six-week lockdown.
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