Invest
Frydenberg confident vaccine rollout will boost the economy
The economy and the budget are expected to reap the benefits of the earlier than planned vaccine rollout, following a series of unexpected lockdowns which have already put a dent on the government’s budgeting.
Frydenberg confident vaccine rollout will boost the economy
The economy and the budget are expected to reap the benefits of the earlier than planned vaccine rollout, following a series of unexpected lockdowns which have already put a dent on the government’s budgeting.
The Treasurer remains hopeful that the “earlier than thought” rollout of the vaccine will help spur economic growth and boost the budget, following the impacts of the pre-Christmas Sydney lockdown and the latest three-day movement ban put in place across Brisbane.
In the mid-year economic and fiscal outlook (MYEFO), Treasurer Josh Frydenberg forecast Australia’s real GDP to grow by 4.5 per cent in 2021 following a drop of 2.5 per cent in 2020. The unemployment rate was predicted to peak at 7.5 per cent in the March quarter 2021, down from an expected peak of 8 per cent forecast in the 2020-21 budget.
Speaking about these assumptions on Tuesday, the Treasurer said that despite recent events, positive signs of economic recovery are already evident, with 85 per cent of the 1.3 million Aussies who either lost their jobs or saw their working hours cut to zero back at work.
He reiterated, however, that the uncertainty will likely linger for some time to come.
“The uncertainty has been a feature characteristic of the last year of the first global pandemic of this significance in more than a century. And I fear that the uncertainty will be there globally at least for some time to come.
“Yes, we’re optimistic with the rollout of the vaccine, but the virus is not going away; it’s there with us every day. It’s our ability to deal with the new cases that arise that will very much determine the speed and the trajectory of our economic recovery,” said Mr Frydenberg.
According to the Prime Minister, Australia’s vaccine rollout will begin next month, with 4 million doses expected to be distributed by the end of March.
But despite the ongoing impacts of COVID on business and individuals across Australia, Mr Frydenberg stressed on Tuesday that the government still intends to pull the plug on JobKeeper at the end of March.
“JobKeeper goes out to the end of March, and that is our intention to end that program at the end of March, but it is not the only support measure that the government has put in place.
“We have been talking about tax cuts which is putting billions of dollars into the economy; there is the JobMaker Hiring Credit to young people from the unemployment queues into work; there is the infrastructure spending we have brought forward and support for the tourism industry, for the aviation sector; there is the HomeBuilder program that was extended for another three months.
“All of these programs add up to a very significant package of support to help Australia get through this crisis,” Mr Frydenberg noted.
About the author
About the author
Economy
Consumer confidence is quickly pushing Australia’s economy from recovery to expansion
Both Australian consumers and property investors came out of last month feeling pretty chuffed about the economy. ...Read more
Economy
4 Aussie cities among 10 most liveable in the world
This year’s global liveability score has been strongly influenced by measures taken to stem the spread of COVID-19, with cities ranked according to how successfully they dealt with the pandemic. Per...Read more
Economy
Australia attended the G7 as a ‘green laggard’, new report shows
Following a weekend at the G7, Australia has been labelled a “green laggard” as a consequence of letting its green competitiveness significantly slide over the past two decades. ...Read more
Economy
Melbourne’s lockdown ends tomorrow
As announced, Melbourne will begin its path out of lockdown as of 11.59pm Thursday evening, but some restrictions will remain. ...Read more
Economy
GDP slows to 60-year low
Australia’s gross domestic product per capita growth has fallen to its slowest pace in at least 60 years, with the massive government spending looking to come at a ‘great cost to future generation...Read more
Economy
Recovery falters just a month after JobKeeper ends
The end of JobKeeper has seen a rise in defaults and administrations, which could hamper Australia’s recovery from the COVID-19 downturn, new research has revealed. ...Read more
Economy
Frydenberg considers JobKeeper return for Victorians
The federal government has granted Victoria Premier James Merlino a chance to pitch his ‘JobKeeper style’ aid, but it has refused to acknowledge that Victoria’s predicament could be linked to fe...Read more
Economy
Australia’s economy is officially back to pre-pandemic levels
As most economists predicted, Australia’s economy is back to pre-pandemic levels, the latest official figures show. ...Read more
Are you being priced out of the market? Have you got the Tuesday blues? And are you ready for the upcoming super changes?
Listen now
Are property prices set to crash? Should you jump on board the fintok craze? And how to prepare for this tax time
Listen now
Dissecting the budget and what it means for your equities, property and super
Listen now
Has the property market reached its peak; Biden’s climate summit and our sharemarket, and the upcoming budget
Listen now
Economy
Consumer confidence is quickly pushing Australia’s economy from recovery to expansion
Both Australian consumers and property investors came out of last month feeling pretty chuffed about the economy. ...Read more
Economy
4 Aussie cities among 10 most liveable in the world
This year’s global liveability score has been strongly influenced by measures taken to stem the spread of COVID-19, with cities ranked according to how successfully they dealt with the pandemic. Per...Read more
Economy
Australia attended the G7 as a ‘green laggard’, new report shows
Following a weekend at the G7, Australia has been labelled a “green laggard” as a consequence of letting its green competitiveness significantly slide over the past two decades. ...Read more
Economy
Melbourne’s lockdown ends tomorrow
As announced, Melbourne will begin its path out of lockdown as of 11.59pm Thursday evening, but some restrictions will remain. ...Read more
Economy
GDP slows to 60-year low
Australia’s gross domestic product per capita growth has fallen to its slowest pace in at least 60 years, with the massive government spending looking to come at a ‘great cost to future generation...Read more
Economy
Recovery falters just a month after JobKeeper ends
The end of JobKeeper has seen a rise in defaults and administrations, which could hamper Australia’s recovery from the COVID-19 downturn, new research has revealed. ...Read more
Economy
Frydenberg considers JobKeeper return for Victorians
The federal government has granted Victoria Premier James Merlino a chance to pitch his ‘JobKeeper style’ aid, but it has refused to acknowledge that Victoria’s predicament could be linked to fe...Read more
Economy
Australia’s economy is officially back to pre-pandemic levels
As most economists predicted, Australia’s economy is back to pre-pandemic levels, the latest official figures show. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
