Invest
Trillion-dollar debt to ‘saddle generation’
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”.
Trillion-dollar debt to ‘saddle generation’
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”.
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.”
“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.
RELATED ARTICLES
About the author
About the author
Economy
CPI data another piece in RBA's interest rate decision puzzle, says REIA
The latest Consumer Price Index (CPI) data from the Australian Bureau of Statistics (ABS) shows that inflation rose 3.4% in the 12 months to February 2024, unchanged from the previous two months, ...Read more
Economy
Including passive job seekers in unemployment measure doesn't impact economic cycle view, study finds
New research from e61 Institute has found that while current unemployment measures may not capture all job seekers, broader definitions that include passive job searchers do not provide better ...Read more
Economy
Survey reveals heightened job security concerns among IT workers in 2024
A recent survey conducted by Authority Hacker has revealed that 89.66% of IT workers in the United States have increased concerns about job loss in 2024. Read more
Economy
Australian founders adapt to the challenging fundraising environment with optimism and strategic shifts
The landscape for start-up funding in Australia has been increasingly challenging, but this has not dampened the spirit of the country's entrepreneurs. Read more
Economy
Signs point to possible US economic 'soft landing' in ClearBridge analysis
The US economy may be steering towards a 'soft landing' despite mixed signals from the stock market, according to a recent analysis by ClearBridge Investments. Read more
Economy
Alternative fund managers predict capital raising surge in 2024
Alternative investment fund managers are predicting a sizable increase in capital raising efforts in 2024, according to a global study by Ocorian, a leading alternative investment fund administratorRead more
Economy
Understanding the economic indicators that affect your earnings
The landscape of personal finance is profoundly influenced by broader economic trends and indicators. Read more
Economy
Navigate market turbulence with expert advice: no crystal ball needed
In an era fraught with investment market uncertainties, from fluctuating interest rates to geopolitical strife, seasoned market experts are guiding investors through the mire, offering sage advice on ...Read more
Economy
CPI data another piece in RBA's interest rate decision puzzle, says REIA
The latest Consumer Price Index (CPI) data from the Australian Bureau of Statistics (ABS) shows that inflation rose 3.4% in the 12 months to February 2024, unchanged from the previous two months, ...Read more
Economy
Including passive job seekers in unemployment measure doesn't impact economic cycle view, study finds
New research from e61 Institute has found that while current unemployment measures may not capture all job seekers, broader definitions that include passive job searchers do not provide better ...Read more
Economy
Survey reveals heightened job security concerns among IT workers in 2024
A recent survey conducted by Authority Hacker has revealed that 89.66% of IT workers in the United States have increased concerns about job loss in 2024. Read more
Economy
Australian founders adapt to the challenging fundraising environment with optimism and strategic shifts
The landscape for start-up funding in Australia has been increasingly challenging, but this has not dampened the spirit of the country's entrepreneurs. Read more
Economy
Signs point to possible US economic 'soft landing' in ClearBridge analysis
The US economy may be steering towards a 'soft landing' despite mixed signals from the stock market, according to a recent analysis by ClearBridge Investments. Read more
Economy
Alternative fund managers predict capital raising surge in 2024
Alternative investment fund managers are predicting a sizable increase in capital raising efforts in 2024, according to a global study by Ocorian, a leading alternative investment fund administratorRead more
Economy
Understanding the economic indicators that affect your earnings
The landscape of personal finance is profoundly influenced by broader economic trends and indicators. Read more
Economy
Navigate market turbulence with expert advice: no crystal ball needed
In an era fraught with investment market uncertainties, from fluctuating interest rates to geopolitical strife, seasoned market experts are guiding investors through the mire, offering sage advice on ...Read more
