2020 federal budget by the numbers

Budget deficit 

2020-21 (the current year): deficit of $213.7 billion ($184.5 billion in July update), 11% of GDP

2021-22: deficit of $112.0 billion

2022-23: deficit of $87.9 billion

2023-24: deficit of $66.9 billion

Spending

2020-21: $670.3 billion (up from $578.5 billion in July update); 34.4% of GDP


2021-22: $567.5 billion; 28.2% of GDP

2022-23: $574.9 billion; 27.4% of GDP

2023-24: $596.6 billion; 27.1% of GDP

Tax*

2020-21: $424.6 billion (down from $431.8 billion in July update); 21.8% of GDP

2021-22: $413.8 billion; 20.6% of GDP

2022-23: $442.9 billion; 21.1% of GDP

2023-24: $487.6 billion; 22.1% of GDP

*doesn’t include other revenue

Net debt

2020-21: $703.2 billion (up from $491.2 billion in July update); 36.1% of GDP

2021-22: $812.1 billion; 40.4% of GDP

2022-23: $40.4 billion; 42.8% of GDP

2023-24: $966.2 billion; 43.8% of GDP

Economic forecasts

GDP: -1.5% (up from -0.2% in July update); 4.75% in 2021-22

Unemployment: 7.25% (up from 7.0% in July update)

CPI: 1.75% in 2020-21

Nominal GDP: -1.75%

Terms of trade: -1.5%

Household consumption: -1.5%

Dwelling investment -11%

Wage price index: 1.25%

Business investment: -9.5%

Population: 1.58 fertility rate (down from 1.69 in July update)