Australian Treasurer Warns Economy Facing Challenging Times

CANBERRA, AUSTRALIA - OCTOBER 06: Treasurer Josh Frydenberg during the budget delivery in the House of Representatives on October 06, 2020 in Canberra, Australia. The Morrison government's second budget was published on Tuesday, after its release in May was delayed by the COVID-19 pandemic. Treasurer Frydenberg has delivered a federal budget deficit of $213.7 billion in the wake of coronavirus and related shutdowns, with a number of tax cuts to be introduced to help boost the economy and create jobs as Australia experiences its first recession in 29 years. Photo by Sam Mooy/Getty Images

Treasurer Josh Frydenberg has warned the economy faces challenging times ahead with coronavirus lockdowns in the country’s two major states putting jobs and businesses at risk.

Economists are predicting the economy to contract by as much as four per cent in the September quarter as a result of the lockdowns in NSW and Victoria.