Today’s statement by the Reserve Bank highlights the urgent need for a plan to tackle high and rising unemployment and a national approach to containing the virus outbreak.
 
Scott Morrison’s inaction and lack of a comprehensive economic plan poses an increasing risk to the recovery and to jobs as unemployment continues to rise.
 
The Reserve Bank now expects unemployment to reach 10 per cent later in 2020 but remain high in the years ahead.
 
The Governor reiterated that “It is likely that fiscal and monetary stimulus will be required for some time given the outlook for the economy and the labour market.”
 
Given the deteriorating circumstances in Victoria, there’s a clear need for Scott Morrison to take another look and reconsider the JobKeeper changes he announced to protect jobs and support vulnerable businesses.
 
Labor has always said that JobKeeper should be tailored and responsive to the conditions in the economy and that remains the case.
 
With the containment of the virus so central to Australia’s economic recovery, it beggars belief that the Morrison Government has failed to accept responsibility and act on a national approach to paid pandemic leave, the crisis in aged care, or the failure of the COVID Safe app.
 
The scale of this crisis demands a serious response from the Government.
  
The most important test of the Morrison Government’s management of the recession and its aftermath is what happens to jobs and the businesses which create them.
 
We can’t afford to see more Australians in Victoria and elsewhere left out and left behind in this first recession in 30 years because the Government is not prepared to respond with a proper plan.
 
TUESDAY, 4 AUGUST 2020