Australia will suffer a $184.5 billion deficit as the coronavirus drives a wrecking ball through the economy.
Gross government debt will blow out to $677.1 billion this financial year.
Treasurer Josh Frydenberg revealed the true cost of the coronavirus pandemic in a special budget update on Thursday.
The budget plunged $85.8 billion into deficit in 2019-20, which will more than double this financial year, as the country suffers its biggest hit since the Second World War.
Follow along with our live blog as we provide the latest updates and reactions from today's economic statement. It sometimes takes a moment but will appear below.