New ABS data today confirms capital expenditure continued its freefall in the June quarter in the absence of a comprehensive plan from the Morrison Government.
This is not a new problem but it has intensified substantially.
Capital expenditure has fallen in two-thirds of all quarters over the life of this Liberal National Government but has been left largely unaddressed.
Capex is now 40 per cent lower than it was when the Liberals came to office and around 90 per cent of this decline occurred before the COVID-19 crisis.
The ABS results show that private new capital expenditure collapsed by 5.9 per cent in the June quarter to be 11.5 per cent lower over the year.
Scott Morrison is presiding over an aged care crisis, a jobs crisis and a collapse in business investment and has no plan to address any of it.
The less done to protect and create jobs, support vulnerable workers, businesses and communities, and boost business investment, the longer the downturn and the harder the recovery will be.
THURSDAY, 27 AUGUST 2020