Australia faces 'sobering' future economy due to coronavirus

Australia's treasurer said Tuesday the country faces a “sobering” economic outlook due to the effects of the coronavirus and will have its largest-ever deficit when a revised budget is released in October. “Overall, the economic data has been sobering,” Treasurer Josh Frydenberg told Parliament on the first day of a scheduled three-day sitting this week. Frydenberg did not say what the government’s deficit will be.

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