Michael is joined by Terry McCrann, Business Commentator with The Australian, who says the COVID-19 economic lockdown has made huge deficits inevitable.

They are the “good” deficits we had to have, and if we can get the economy — and our lives generally — back to some sort of normality, they’ll be much smaller in the years to come’, Mr McCrann writes.

Australia’s budget deficit hit almost $86 billion last financial year and is expected to reach another record high next year at more than $184 billion.

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