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Josh Frydenberg addresses ‘mountain’ of debt as Australia tackles recession

The Treasurer is defending the level of spending in the federal budget despite debt edging towards $1 trillion.

Money is being borrowed to give low and middle-income earners a tax cut, which will start rolling-out within weeks.

Net debt will increase to $966 billion in 2024, with an expected budget deficit of $213.7 billion.

Treasurer Josh Frydenberg told Ben Fordham spending is crucial for economic recovery.

“We’ll have to climb that mountain again … it’s a function of the challenge that we are facing but we can do it and last night’s measures will help do that.

“Our message to Australians is that there is hope, there is a cause for optimism, and that we will get through this once-in-a-century pandemic together.”

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