Australia will avoid a second COVID-19 recession, defying predictions extended lockdowns in Victoria and New South Wales would devastate the economy. A surge in company and personal tax receipts has delivered a $6.3 billion windfall to the federal budget. The surprise results for the September quarter come despite COVID disaster payments costing the Commonwealth more than $12.4 billion. An additional $11.6 billion was spent on business support packages. The strength of the labour market outside the lockdown states, improving business confidence and a more resilient economy led to an overall improvement of $7.8 billion dollars. The Department of Finance will release the results today.
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