Deficits to remain until 2041, debt unpaid until 2061 according to PWC modelling

Confirmation of deepening budget deficits and debt spiralling towards a trillion dollars paint a sobering picture of the economic crisis sparked by the pandemic. 

With hopes of a "back in the black" surplus now a distant memory, the advisory firm PWC warns the budget might not get back until balance for another twenty years and the debt bill unpaid until 2061. 

PWC chief economist Jeremy Thorpe speaks with ABC's Peter Ryan.