PREFU lowlights

The PREFU released today shows how dire the economic situation is. Some key aspects:

• Unemployment to hit 7.7% next year and remain over 5% until 2027!
• A massive $32 billion deficit in 2020/21, which is 10.5% of GDP.
• Net debt to hit 55% of GDP in 2024
• Assumes border restrictions stay in place throughout 2021
• Annual growth after the recession end downgraded from 3.9% to 2.8%
• A near permanent deficit, with an OBEGAL deficit persisting until at least 2033 – so that is 13 years of deficits

So this is the status quo – an endless deficit, debt over 50% of GDP and unemployment remaining over 5% for seven years.

That’s one reason to vote for a party that is promising better than the status quo.