Invest
Prime Minister launches 15 new projects to kick-start economy
Prime Minister Scott Morrison has announced his plan to get the economy back on track and create 66,000 new jobs in the process.
Prime Minister launches 15 new projects to kick-start economy
Prime Minister Scott Morrison has announced his plan to get the economy back on track and create 66,000 new jobs in the process.
During a CEDA media briefing, Mr Morrison announced the fast-tracking of 15 projects, which will cost the Commonwealth $72 billion.
The cornerstone of the announcement is an inland rail project that will link Brisbane and Melbourne and a second underwater electricity cable from Victoria to Tasmania.
“Under our new approach, this investment and, most importantly, these jobs will be brought to market earlier by targeting a 50 per cent reduction in Commonwealth assessment and approval times for major projects, from an average of 3.5 years to 21 months,” Mr Morrison said.
The Prime Minister also praised the work of the states who are also providing their own stimulus package.
“I commend the New South Wales government who we have been working with. We are on track to complete Commonwealth assessment and approval for Snowy 2.0 in under two years, unlocking over 2,000 regional jobs,” Mr Morrison said.
Mr Morrison also talked about the importance of his JobMaker plan to help get people back into jobs.
“Our focus applies as much to the culture of regulators as it does to the content of regulations. I'm sure anyone in business would understand that point.”
“This crisis has shown what can be achieved when regulators are pragmatic and responsive, solving problems without compromising safeguards,” Mr Morrison said.
However, the Prime Minister confirmed the economic hardship many Australians will face during the economic recovery.
“Growing our economy all comes back to getting people back into jobs. This is where we must start. And having created more than 1.5 million jobs before COVID-19 hit, we have done it before and, as a government, we will do it again, working together with Australians right across this country,” Mr Morrison said.
“In April, we lost the equivalent of 30 months, 30 months of average jobs growth. Devastating.
“The job numbers for May, on Thursday, will show, I’m sure, just how large the challenge is. There is still worse news ahead.”
“The impacts are across all states and territories and, so far, worst in Victoria. Our jobs challenge is a truly national task and is now the primary focus of the national cabinet, which we’ve agreed to now make permanent,” Mr Morrison continued.
Treasury has noted that compared with the midyear update, it is expected that over $100 billion of economic activity has been lost this year, and that it will take us an estimated two years, at least, just to get back to the level we were at pre-COVID-19.
“We need to lift our economic growth rate by more than 1 percentage point above trend to beat the expected pre-COVID-19 GDP by 2025, to catch back up to where we were before COVID hit,” Mr Morrison said.
Did you enjoy this article? You may also be interested in:
- PM makes robodebt victim apology
- Is the Morrison stimulus package just jobs for the boys?
- Indebted until 2056: Why we need tax reform
RELATED ARTICLES
-
Australia’s spending surprise raises the odds of a February rate move — here’s how to protect margin and momentum
-
Australia’s inflation cools to 3.4% — why the RBA’s next move still isn’t a lay‑up for business
-
Inflation cools to 3.4% — but the RBA’s reaction function keeps businesses on a knife-edge
About the author
About the author
Economy
Australia’s spending surprise raises the odds of a February rate move — here’s how to protect margin and momentum
Household outlays are running hotter than economists expected, with the latest ABS readings showing broad-based gains across services and goods. That resilience is exactly the kind of demand impulse ...Read more
Economy
Australia’s inflation cools to 3.4% — why the RBA’s next move still isn’t a lay‑up for business
Headline inflation easing is good optics; balance sheets feel something different. With year‑on‑year CPI down to 3.4% in November from 3.8%, hopes for rate relief are rising — but policymakers remain ...Read more
Economy
Inflation cools to 3.4% — but the RBA’s reaction function keeps businesses on a knife-edge
Australia’s headline CPI edged down to 3.4% year-on-year in November, from 3.8%, easing immediate pressure but not eliminating the risk of further tightening. With services inflation sticky and ...Read more
Economy
Higher-for-longer, not higher forever: How Australia’s inflation ‘surprise’ is rewriting CFO playbooks for 2026
Australia’s latest inflation pulse eased but didn’t budge bank outlooks: near‑term rate cuts are still a long shot, with some houses flagging upside risk. That steadier‑for‑longer cash rate is pushing ...Read more
Economy
Australia's inflation illusion: the real challenge lies in pricing power and productivity
Headline inflation has cooled to 3.4% year-on-year, but the Reserve Bank’s caution—and a still‑hot housing backdrop—mean the rate threat hasn’t left the room. For boards, the next few quarters are ...Read more
Economy
When house prices lift, tills ring: A case study in turning Australia’s wealth effect into growth
Australia’s latest upswing in household wealth, anchored by higher dwelling values, is more than a feel‑good statistic—it is a profit and planning signal. The ABS notes property’s centrality to ...Read more
Economy
RBA's hawkish stance reflects inflation concerns, State Street economist comments
In a recent statement, the Reserve Bank of Australia (RBA) has signaled a hawkish stance on interest rates, drawing insights from financial experts about the implications for Australia's economic ...Read more
Economy
Navigating the inflation maze: How CFOs can outsmart economic hurdles in Australia
Fresh inflation data have cooled expectations of near-term rate cuts in Australia, intensifying pressure on margins, capital allocation and demand. Rather than wait for monetary relief that may not ...Read more
Economy
Australia’s spending surprise raises the odds of a February rate move — here’s how to protect margin and momentum
Household outlays are running hotter than economists expected, with the latest ABS readings showing broad-based gains across services and goods. That resilience is exactly the kind of demand impulse ...Read more
Economy
Australia’s inflation cools to 3.4% — why the RBA’s next move still isn’t a lay‑up for business
Headline inflation easing is good optics; balance sheets feel something different. With year‑on‑year CPI down to 3.4% in November from 3.8%, hopes for rate relief are rising — but policymakers remain ...Read more
Economy
Inflation cools to 3.4% — but the RBA’s reaction function keeps businesses on a knife-edge
Australia’s headline CPI edged down to 3.4% year-on-year in November, from 3.8%, easing immediate pressure but not eliminating the risk of further tightening. With services inflation sticky and ...Read more
Economy
Higher-for-longer, not higher forever: How Australia’s inflation ‘surprise’ is rewriting CFO playbooks for 2026
Australia’s latest inflation pulse eased but didn’t budge bank outlooks: near‑term rate cuts are still a long shot, with some houses flagging upside risk. That steadier‑for‑longer cash rate is pushing ...Read more
Economy
Australia's inflation illusion: the real challenge lies in pricing power and productivity
Headline inflation has cooled to 3.4% year-on-year, but the Reserve Bank’s caution—and a still‑hot housing backdrop—mean the rate threat hasn’t left the room. For boards, the next few quarters are ...Read more
Economy
When house prices lift, tills ring: A case study in turning Australia’s wealth effect into growth
Australia’s latest upswing in household wealth, anchored by higher dwelling values, is more than a feel‑good statistic—it is a profit and planning signal. The ABS notes property’s centrality to ...Read more
Economy
RBA's hawkish stance reflects inflation concerns, State Street economist comments
In a recent statement, the Reserve Bank of Australia (RBA) has signaled a hawkish stance on interest rates, drawing insights from financial experts about the implications for Australia's economic ...Read more
Economy
Navigating the inflation maze: How CFOs can outsmart economic hurdles in Australia
Fresh inflation data have cooled expectations of near-term rate cuts in Australia, intensifying pressure on margins, capital allocation and demand. Rather than wait for monetary relief that may not ...Read more
