Unprecedented spending and debt levels, more than a million people out of work and a decade of deficits. The government releases its budget update, and here’s what you need to know.

Also today:

• More bad news on the COVID19 front out of Victoria
• Tabcorp and Coca-Cola comes out with bad news … and their share prices rise
• And Australia’s largest gold miner enjoys the surge in the price of the precious metal

Plus an interview with Andrew Bailey, editor of The Easel, about the wonderful world of art - a world that's worth $US64-billion a year.