The IMF is forecasting a bigger hit to Australia’s growth than comparable countries this year, and high unemployment over the next two years, despite substantial and welcome support that has passed through the Parliament.

The Commonwealth Treasury expects hundreds of thousands of jobs could be saved by the wage subsidies Labor called for and supported in the Parliament.

Labor supports the Reserve Bank’s ongoing action and extraordinary steps to support the economy and the financial system at this challenging time.

Labor notes the announcement that the Foreign Investment Review Board will, for the time being, scrutinise all bids by foreign investors looking to take over Australian businesses.

Labor is supportive of the third economic response to Coronavirus announced by the Morrison Government today.

Labor will consider the detail of the Morrison Government’s third stimulus package when it is released over the coming days.

Labor is supportive of the Government’s second economic response announced today.

Labor welcomes today’s announcement by Australian banks that they will provide much needed relief for borrowers and small business during this challenging time.

Labor notes the change in the timing for the 2020-21 Budget.

Today the Reserve Bank has cut the cash rate to new record lows and taken a number of extraordinary and welcome steps to support the Australian economy and financial system.