Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion

Billions of dollars in fast-tracked tax cuts and younger worker wage subsidies underline the Federal Government’s budget recovery pitch, as Australia’s recession sends debt and deficits to record levels.

Treasurer Josh Frydenberg’s coronavirus-delayed Budget includes $50 billion to bring forward tax cuts and $4 billion in subsidies for businesses to hire unemployed workers aged between 16 and 35.

The focus of the Budget is getting those who lost their jobs

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Hotels fall behind on debt, delay building projects in long-term pandemic squeeze

Construction on no fewer than three hotels that are part of overall developments totaling at least $466 million have been slowed as a result of COVID. In addition, a $75 million hotel has halted construction as it attempts to secure more financing.

The biggest of them all, a proposed boutique 228-room Thompson Hotel in the $377 million development known as The Mid, has had its construction start date pushed back

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German Cabinet Approves Second-Highest Net New Debt in 2021 Budget | Investing News

BERLIN (Reuters) – The German cabinet on Wednesday approved Finance Minister Olaf Scholz’s draft budget for next year which envisages net new debt of 96.2 billion euros ($112.6 billion) to finance further measures to tackle the coronavirus crisis.

The additional borrowing marks the second-highest amount of net new debt in Europe’s largest economy since the end of World War Two and comes after the government already took on record high

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