3 years ago
OECD: AUSTRALIAN ECONOMY WEAKER FOR LONGER
JIM CHALMERS MP
The latest OECD Interim Economic Outlook makes it clear that ongoing government support will be required to tackle the jobs crisis and set Australia up for the recovery.
The key conclusion of this report is that our economy is expected to be weaker for longer.
During the deepest recession in almost a century and an escalating jobs crisis, it makes no sense for the Morrison Government to be withdrawing support without a comprehensive jobs plan to replace it.
The OECD joins the RBA and prominent economists’ calls for more support, not less.
The Outlook details the OECD’s growth expectations for the Australian economy:
The key conclusion of this report is that our economy is expected to be weaker for longer.
During the deepest recession in almost a century and an escalating jobs crisis, it makes no sense for the Morrison Government to be withdrawing support without a comprehensive jobs plan to replace it.
The OECD joins the RBA and prominent economists’ calls for more support, not less.
The Outlook details the OECD’s growth expectations for the Australian economy:
- The Australian economy is forecast to contract by 4.1 per cent in 2020, the same as the G20 average; and
- Growth has been downgraded by 1.6 percentage points to 2.5 per cent in 2021.
Instead of a jobs plan, Scott Morrison and Josh Frydenberg want to wind back JobKeeper, cut super, cut wages, freeze the pension, point the finger and shift the blame.
This recession will be deeper and unemployment queues will be longer because the Morrison Government is leaving too many people behind in this first recession in three decades.