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Read Full Article Here: https://www.afr.com/markets/equity-markets/asx-to-rise-economic-update-ahead-20200722-p55ejj

The forecast growth figure is well below the mid-year forecast of 2.25 per cent and 2.75 per cent for financial year 2021.

The government expects that GDP will fall by -3.75 per cent in 2020 and then rise by +2.5 per cent in 2021 .

The budget reports that stimulus measures have summed to $164 billion of spending (8.3 per cent of GDP).

This is likely to include the bring forward of the 2022 tax cuts, more investment incentives and more industry support programs.

The budget deficit blow-out will add about 20 per cent of GDP to public debt out to 2022.

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