By Sam Holmes and Colin Packham
SYDNEY (Reuters) – Australia pledged billions in tax cuts and measures to boost jobs on Tuesday to help pull the economy out of its historic COVID-19 slump in a budget that tips the country into its deepest deficit on record.
Prime Minister Scott Morrison’s conservative government has unleashed A$300 billion in emergency stimulus to prop up growth this year, having seen the coronavirus derail a previous promise to return the budget to surplus.
Treasurer Josh Frydenberg on Tuesday announced A$17.8 billion in personal tax cuts and A$5.2 billion in new programmes to boost employment in a recovery plan aimed at creating one million new jobs over the next four years.
Those measures are forecast to push the budget deficit out to a record A$213.7 billion, or 11% of gross domestic product, for the fiscal year ending June 30, 2021.
“There is no economic recovery
TORONTO, Oct. 5, 2020 /CNW/ – CIBC team members, families and friends hit the ground running in communities from coast to coast to coast, walking and running in support of the Canadian Cancer Society CIBC Run for the Cure. This year, Team CIBC raised $2 million toward life-saving breast cancer research.
“While this year’s Run was virtual, the passion, commitment and resilience shown by Team CIBC, our partners at the Canadian Cancer Society and Canadians across the country remained as strong as ever,” says Laura Dottori-Attanasio, CIBC’s Group Head, Personal and Business Banking and Executive Run Sponsor. “When we unite around a shared purpose, great things happen. I am proud of Team CIBC for finding creative, virtual ways to keep the Run spirit alive and to help ensure no Canadian has to face cancer alone.”
This year’s Run was reimagined to include both virtual and in-person elements, where participants