parliamentary budget office says the federal deficit for the year is on track to hit $328.5 billion as a result of COVID-19 and the “permanent impact” it is having on the economy.That figure released this morning reflects measures announced as of the start of the month, including an estimated $225.9 billion in emergency aid in response to the pandemic.
Relative to the size of the economy, the deficit amounts to 15 per cent of gross domestic product, making it the largest over 50-plus years of comparable data.[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]The Liberals said in July that the deficit would be $343.2 billion, but that didn’t include new possible spending, or measures coming in under budget.Much of.