Deloitte Access Economics’ latest report highlights the dangers of Scott Morrison’s “snap back” strategy, making it clear that Australia’s economic recovery will be long, patchy, and uneven.
Deloitte’s latest Employment Forecasts report highlights that the hardest-hit sectors “may take five or six years to recover all the job losses seen” with even mildly affected industries still not expected to recover until 2022.
Deloitte emphasises that the size and speed of industry recovery will depend on the status and allocation of Government stimulus.
These sobering assessments should pour cold water on the Prime Minister’s belief that the Australian economy will miraculously “snap back” by the last Monday in September this year.
JobKeeper could be better targeted, or tapered, but it shouldn’t just “snap back” on an arbitrary timeline.
The Morrison Government doesn’t have a plan to protect more jobs and ensure support is provided to workers, businesses and communities in the months and years ahead as we transition out of this crisis.
Scott Morrison and Josh Frydenberg’s reluctance to level with the Australian people, to present a plan for what’s next or to include more workers in the otherwise-welcome support packages shows how little they understand about the challenges facing real people in the real economy.
WEDNESDAY, 20 MAY 2020