CANBERRA – The Australian government on Tuesday announced plans to cut income taxes, create jobs for young people and stimulate business investment with a raft of pandemic measures that would create a record 214 billion Australian dollar ($153 billion) deficit in the current fiscal year.Treasurer Josh Frydenberg announced his annual budget plans for the year that started on July 1, with economic forecasts based on an assumption that a COVID-19 vaccine will be available next year.But the Treasury Department has warned that economic realities could be “substantially different” from its forecasts without a vaccine.Net debt will increase to 703 billion Australian dollars ($503 billion), or 36% of gross domestic product, at the end of the.