Economics

Australia Bolsters Spending in Drive for Maximum Employment

Sees wider-than-expected budget deficit of A$106.6b in 2021-22
Budget has scope for upgrade on conservative iron ore forecast

WATCH: Australian Finance Minister Simon Birmingham discusses how the new budget could impact the country’s credit rating, the trading relationship with China and his outlook for iron ore prices.(Source: Bloomberg)

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By Michael Heath and Jason Scott

May 11, 2021 at 9:31 AM UTC

Updated on

May 12, 2021 at 1:45 AM UTC

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Australia unveiled a big-spending budget that aims to run the economy hot, joining the U.S. and Europe with a fiscal-monetary tandem that seeks to drive unemployment down to levels rarely seen in the past 50 years.