Treasurer to give economic update in May

Treasurer Josh Frydenberg will provide an economic update on May 12 as he outlines the impacts of coronavirus to parliament.

Finance Minister Mathias Cormann is set to do the same in the Senate, with their speeches explaining the government’s record $320 billion spend on measures to combat COVID-19.

“The measures we have implemented are temporary, targeted and proportionate to the challenge we face and will ensure Australia bounces back stronger on the other side,” the pair said in a joint statement.

The Morrison government will also provide an update on the economic and fiscal outlook in June.

This year’s budget has been delayed until October because of coronavirus.

Shadow treasurer Jim Chalmers says a speech from Mr Frydenberg on May 12 isn’t a substitute to updated budget figures and forecasts.

“Australians shouldn’t have to wait much longer than usual without the government being upfront with them about the impact of this virus, and the government’s response,” he told AAP.

“A timely and comprehensive economic and budget update is critical to inform decision-making and to give Australians the best chance of a successful recovery.”

Treasury officials will be quizzed on Tuesday by a Senate inquiry into the government’s coronavirus response.

The parliamentary select committee on COVID-19 will hear from Treasury secretary Dr Steven Kennedy and other senior officials.


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