Unemployment, which effectively peaked above 10%, will recover to pre-COVID-19 levels of around 5.25% within four years, he said.

Updating the budget outlook, Treasurer Josh Frydenberg said the countrys A$2 trillion ($1.5 trillion) economy will grow 4.5% in 2021, up from a previous estimate of 4.25% made just two months before.

000 new jobs were created.The lockdown that began in late March,the Reserve Bank of Australia (RBA) has slashed interest rates to near zero and launched a A$100 billion bond-buying program,the government projected on Thursday.breaking one of the worlds longest growth streaks.With most states and territories removing most social distancing curbs,allowing economic growth to rebound by 3.3% in the September quarter. Figures out Thursday,saying creating jobs was a national priority.You are using an older browser version. Please use asupported versionfor the best MSN experience.Yet it also largely succeeded in containing the virus,Australias annual budget deficit will be smaller than previous expected – though still at a record.(Reporting by Colin Packham;tipped the economy into its first recession since the early 1990s,as 90,Editing by Shri Navaratnam)SYDNEY (Reuters) – Australias economy will recover from its first recession in three decades faster than previously anticipated after containing the spread of COVID-19,showed the unemployment rate unexpectedly dropped to 6.8% in November,Much of the fiscal spending came via the governments wage subsidy programme to counter rising unemployment,Adding to the tide of stimulus.

The rosier economic projections come after Australias conservative government unleashed A$300 billion in emergency stimulus to support activity through a COVID lockdown.

Australias economic recovery from the COVID crisis is now expected to be faster than our recovery from previous recessions, Frydenberg told reporters in Canberra.

Australia hails faster economic recovery as COVID-19 outbreak suppressed

Frydenberg said Australias budget deficit in the year to June 2021 will total A$197.7 billion, down from the October projection of A$213.7 billion.

Pedestrians walk in front of a crane and scaffolding on a construction site in central Sydney