A$ 19,035,874,335.

Then there's a further $26 billion in tax cuts, which the Treasurer has brought forward in an attempt to boost spending.For the financial year just ended, UBS's chief economist George Tharenou is tipping a deficit of $81 billion and for the current year a massive $194 billion.The only way the Government can fund that is through raising debt.For decades, our Government debt has been negligible to virtually nothing, despite the hysterical claims from then Opposition Treasury spokesman Joe Hockey in the lead up to the 2013 election.Total government debt, including the states, is likely to rise from 52 per cent of GDP two years ago to more than 80 per cent this financial year. That would turn a dire situation into a disaster, prolong the recession and ultimately cost more in lost production.Already, we are starting to see broader employment impacts from the COVID-19-inspired crush of the economy.Still, indications are that the Government will deliver an upbeat assessment of the recovery on Thursday, albeit not quite as triumphant as last year's Back in Black extravaganza.Investment bank UBS anticipates the Economic Statement will be only slightly less bullish — the brown line in the graph below — than the Reserve Bank's most optimistic scenario delivered in May — the dotted red line.Even if that is the case, it's worth noting the cost of the pandemic. The US, the world's biggest economy and the reserve currency, has its official rates set at zero. Having a strategy that does not account for Financial Stability risk is unequipped to handle any future shocks to the Australian financial system.The Reserve Bank of Australia (RBA) publish the Financial Stability Review on a semiannual basis (April & October) to help provide insight across the forecast/actual and cause/effect of the stock and flow of money, credit and debt. It is fair to say that each individual cryptocurrency has a limited supply on its own network, there is no limit to the supply of networks.A tried and tested anchor for the monetary system has always been Gold. The days of small government, surpluses and tax cuts may be behind us.This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced.Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.There's more to life than money, and one young woman's legacy reminds bankers of that each yearRecessions punish our youth and this downturn is no differentWhat's being done nationally to prevent coronavirus outbreaks in aged care?I've had a coronavirus test. How long will it take to get my results back?Millions of Aussies have been told to isolate. If you measure the debt in terms of the size of your economy, then the problem disappears as your economy grows.Right now, we don't have that luxury. It's a simple mathematical phenomenon.

Even with the sunniest projections, it will take more than a year to get back to where we were.If the rosy projections come true, growth may tell a tale of a rapid recovery. NSA
Interest per Second. A$ 583,330,099,014.

Here's what that means for youThe Australians who are sick of hearing 'you should have come home earlier'Three months on, does Australia need a new coronavirus contact tracing app?COVID recession confirmed as Australia's economy posts its biggest fall on recordLive: Treasurer says Australia has 'financial firepower' to respond to recessionAustralia is officially in a recession — so what does that mean?AFL grand final to be played at the Gabba, with decider leaving Melbourne for first timeAnalysis: A Gabba grand final shows the AFL is following its heart over its headThe Catholic school system that takes from the poor to give to the rich'I hope she returns my call': NSW Premier rebukes Qld Premier over border silence'Coffin confessor' paid to drop bombshells from beyond the grave at clients' funeralsNSW Premier targets major events as state records 17 new COVID-19 cases'Not enough' people being tested in Melbourne's south-east, Sutton says'We'd never buy a fake Pro Hart': Government moves to protect Indigenous artAnalysis: This is what Facebook and Google are really fighting forMurdoch University latest to see hundreds of jobs go as challenge for education sector growsIndigenous Labor MP Linda Burney wears her heart on her sleeve in Aboriginal flag debatePremier says latest coronavirus outbreak ‘contained’ as Queensland records two new cases'Coffin confessor' paid to drop bombshells from beyond the grave at clients' funeralsAustralia is officially in a recession — so what does that mean?Live: Treasurer says Australia has 'financial firepower' to respond to recessionA Gabba grand final shows the AFL is following its heart over its headCOVID recession confirmed as Australia's economy posts its biggest fall on recordThe Catholic school system that takes from the poor to give to the richCOVID recession confirmed as Australia's economy posts its biggest fall on recordLive: Treasurer says Australia has 'financial firepower' to respond to recessionAustralia is officially in a recession — so what does that mean?AFL grand final to be played at the Gabba, with decider leaving Melbourne for first timeAnalysis: A Gabba grand final shows the AFL is following its heart over its headThe Catholic school system that takes from the poor to give to the rich'I hope she returns my call': NSW Premier rebukes Qld Premier over border silence'Coffin confessor' paid to drop bombshells from beyond the grave at clients' funeralsNSW Premier targets major events as state records 17 new COVID-19 casesCheng Lei's last social media posts reveal life as normal in the Chinese capital'We'd never buy a fake Pro Hart': Government moves to protect Indigenous artTenants union calls for extension to freeze on rental evictions to stop tenants 'falling off a cliff'Family law judges at breaking point, going from one 'horrific' case to the nextA Gabba grand final shows the AFL is following its heart over its head'As if there is nothing happening': Indonesia continues to open up despite record COVID-19 cases

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