October 2020 - Bongiorno Financial Update

What's in this issue?

▪The Australian Federal budget next month will likely see a further blow out in the budget deficit due to the ongoing hit to tax revenue & more stimulus. We expect an “eye popping” 2020-21 deficit of around $230bn.

▪Stepped up economic reforms will help grow the economy but are unlikely to drive a repeat of the rapid post WW2 decline in the budget deficit and public debt.

▪We likely have to get used to a long period of high public debt. This is not necessarily a big problem

ANTOINETTE BONGIORNO
LL.B. B.Com. CFP® DipFP A.S.A. Cert IV. FMB.
Level 2
431 St Kilda Road
Melbourne VIC 3004
ph) 03 9863 3316
fax) 03 9820 2518
Authorised Representatives of
Bongiorno Financial Advisers Pty Ltd
Australian Financial Services Licence No. 238977
Director and Representative of
Bongiorno Private Clients Finance Pty Ltd
Australian Credit Licence No. 493404