JIM CHALMERS MP
SHADOW TREASURER
MEMBER FOR RANKIN

MORRISON’S VACCINES DEBACLE

THE BIGGEST RISK TO RECOVERY

The Reserve Bank’s Statement on Monetary Policy has again highlighted that Australia’s economic recovery is hostage to Scott Morrison’s failures on vaccines and quarantine.

His failures have forced 60% of Australians into lockdown and are haemorrhaging hundreds of millions of dollars a day from the nation’s economy.

As a consequence of the Prime Minister’s bungling the RBA expects a noticeable contraction in GDP and a rise in unemployment for the September quarter, warning the risk of extended lockdowns will continue until vaccination rates substantially increase.

The economy won’t recover strongly enough without fewer lockdowns, and we won’t have fewer lockdowns until the Morrison Government treats vaccinations like the ‘arms’ race that it is.

We want to see a recovery that is strong, broad, and sustainable, but Scott Morrison’s failures on vaccines and quarantine mean there will be more lockdowns for longer.

This is a race for the workers and businesses in New South Wales, South East Queensland and Victoria, who are being strangled by Scott Morrison’s ineptitude and complacency.

According to today’s Statement:

• “The near-term outlook is highly uncertain and dependent on health outcomes.”
• “Output in the September quarter is now expected to contract by at least 1 per cent.”
• Household consumption in locked down areas is expected to fall by 15 per cent.
• The longer the lockdowns continue the more likely it is that jobs are lost.

Despite their substantial sacrifices to help stop the spread of the virus and keep each other safe, Labor is worried Australian workers will be left behind as the economy recovers but their wages don’t.

The RBA remains pessimistic about turning around this Government’s historically low wages growth, which is expected to remain below 3 per cent for several years.

Even before these latest lockdowns, 1.8 million Australians were looking for work or more hours to provide for their loved ones and 56,000 more Australians on JobKeeper lost their jobs when Scott Morrison and Josh Frydenberg cut the critical wage subsidy.

Instead of a comprehensive plan to create secure jobs and to get flatlining wages moving again, the Morrison Government’s vaccine debacle, cuts to support, ideological attacks on job security and superannuation, and a Budget riddled with rorts and waste, will only make things worse.
  

Now, more than ever, working Australians need and deserve a Government that is on their side.
 
FRIDAY, 6 AUGUST 2021