Australia's coronavirus bill: who does the government owe money to?

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 The government's latest economic update shows Australia going from a $5 billion surplus to $86 billion in deficit. The coronavirus pandemic alone knocked $33 billion off budget revenues last financial year, and another $56 billion is projected for this fiscal year.


But the cost of the emergency measures is even higher: $58 billion last financial year and $118 billion this fiscal year. The result? A $90 billion budget deterioration in 2019-20 followed by a $190 billion decline in 2020-21, totalling almost $300 billion in debt, that will need to be repaid.


The Treasurer described the numbers as "eye-watering", and it could take decades for Australia to clear and younger generations could be saddled with financial hardship as a result. Numbers aside, exactly who does Australia now owe money to, and what does this mean for future generations?


Read more: https://newsroom.unsw.edu.au/news/business-law/australias-coronavirus-bill-who-does-government-owe-money

Stack of Australian $100 dollar bills

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