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
About the author
About the author
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
RBA delivers widely expected rate cut as inflation optimism balances global uncertainty
The Reserve Bank of Australia has cut the cash rate by 25 basis points, delivering on widespread market expectations while signalling a clearer directional shift towards less restrictive monetary ...Read more
Economy
Economist warns strong jobs data may delay further RBA rate cuts
Strong employment growth in April has put expectations for multiple interest rate cuts at risk, though upcoming economic data may clarify the need for lower rates, according to State Street Global ...Read more
Economy
Australian inflation continues downward trend, nearing RBA target
The Australian Bureau of Statistics (ABS) has reported that the Consumer Price Index (CPI) rose 2.7 per cent in the year to August, down from 3.5 per cent in July and 3.8 per cent in June. Read more
Economy
UK markets poised for gains after election, global geopolitical risks remain
Chris Iggo, Chief Investment Officer at AXA Investment Managers, has provided an optimistic outlook for UK markets following the recent general election, while cautioning about ongoing global ...Read more
Economy
Economist calls for July RBA rate cut following inflation data
An economist from State Street Global Advisors has called for the Reserve Bank of Australia to cut interest rates in July following today's Consumer Price Index data for June. Read more
Economy
GDP data prompts economist to predict faster RBA rate cuts
Australia's latest GDP growth data has come in significantly below expectations, prompting an economist to suggest the Reserve Bank may need to ease monetary policy more aggressively. Read more
Economy
Global markets face turbulent start amid tariff concerns, but outlook remains cautious
Global equity and bond markets have experienced a turbulent start to 2025, primarily due to concerns that a potential tariff-driven trade war could heighten inflation and recession risks. Read more
Economy
RBA may cut rates faster if GDP data disappoints, economists say
The Reserve Bank of Australia may cut interest rates more quickly if next week's GDP data disappoints, economists said following today's consumer price index data for May. Read more
Economy
RBA delivers widely expected rate cut as inflation optimism balances global uncertainty
The Reserve Bank of Australia has cut the cash rate by 25 basis points, delivering on widespread market expectations while signalling a clearer directional shift towards less restrictive monetary ...Read more
Economy
Economist warns strong jobs data may delay further RBA rate cuts
Strong employment growth in April has put expectations for multiple interest rate cuts at risk, though upcoming economic data may clarify the need for lower rates, according to State Street Global ...Read more
Economy
Australian inflation continues downward trend, nearing RBA target
The Australian Bureau of Statistics (ABS) has reported that the Consumer Price Index (CPI) rose 2.7 per cent in the year to August, down from 3.5 per cent in July and 3.8 per cent in June. Read more
Economy
UK markets poised for gains after election, global geopolitical risks remain
Chris Iggo, Chief Investment Officer at AXA Investment Managers, has provided an optimistic outlook for UK markets following the recent general election, while cautioning about ongoing global ...Read more
