Treasury Secretary Steven Kennedy paints grim picture as economy reels from pandemic

Treasury Secretary Dr Steven Kennedy has revealed a grim outlook for Australia's economy, warning growth contracted by 7 percent in the second quarter of this year. 

Dr Kennedy told the senate COVID-19 committee the forecast gross debt $852 billion this financial year is "entirely manageable" because of low interest rates. 

Dr Kennedy says household savings are 20 percent higher because of the massive emergency stimulus.

Here's my coverage from The World Today