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Trillion-dollar debt to ‘saddle generation’

  • April 09 2020
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Invest

Trillion-dollar debt to ‘saddle generation’

By Cameron Micallef
April 09 2020

The economic fallout from the COVID-19 pandemic is tipped to last, with the leader of the opposition labelling it as a “trillion-dollar debt that will saddle a generation”.

Opposition Leader Anthony Albanese

Trillion-dollar debt to ‘saddle generation’

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  • April 09 2020
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The economic fallout from the COVID-19 pandemic is tipped to last, with the leader of the opposition labelling it as a “trillion-dollar debt that will saddle a generation”.

Opposition Leader Anthony Albanese

In his reply to the government’s $130 billion JobKeeper payments, Opposition Leader Anthony Albanese outlined why the Labor Party believes it is a good bill, but one that could be improved by broadening the scope to protect vulnerable Australians.

The Labor leader explained the burden of the decision which could see Australia’s debt cost the nation it’s AAA credit rating, with the budget deficit likely to be worse than World War II.

“The scale of this expenditure that we’ll consider today is without equal in our nation’s history. We are headed for a trillion-dollar debt. It is a bill that will saddle a generation,” Mr Albanese said.

“I congratulate the government on changing its view on wage subsidies since we last met.”

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“They deserve credit for listening to the views of Labor, unions and the business community on the wage subsidy issue,” Mr Albanese continued.

Mr Albanese believes vulnerable workers were left behind with the government capping employers that can get the wage subsidy, highlighting that workers that miss out slows down the economic recovery.

There are over 1 million Australians who are casual workers, who will not be eligible for the JobKeeper program.” 

“This fails to recognise that in the modern workforce, many workers defined as casual but who have been stood down have expectations and financial commitments based upon that regular work and income that they do,” Mr Albanese said.

Trillion-dollar debt to ‘saddle generation’
Opposition Leader Anthony Albanese
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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