Australia's economy will take a $50 billion hit in the June quarter but things could get a lot worse if restrictions to deal with the coronavirus stay in place.
A harsher lockdown, akin to the eight-week closures seen across Europe, could wipe $120 billion from GDP. "Notwithstanding Australia's success to date on the health front, and the unprecedented scale and scope of our economic response, our economic indicators are going to get considerably worse in the period ahead before they get better," Mr Frydenberg will say.The heads of Treasury and the Reserve Bank have told leaders policies to promote economic growth after the health crisis passes must not be business as usual.
The Reserve Bank board will meet shortly after the Treasurer's speech but is expected to keep rates on hold at their record low 0.25 per cent.
At least it’s not 3000 lives.
And the far right answer is to sacrifice human life
This is where Insanity takes over... If you were on the Titanic and could see the water rushing in. What are you going to do, Quibble about the cost to fix the hole... Or SINK the Titanic... Come On... Start Thinking...
ENOUGH ALREADY!!! LETS GET BACK TO OUR LIVES!!!
PeterPyke Off whose economy JoshFrydenberg? I think it might be some of the big ticket companies and personalities who play the marching orders for the LNPCrimeFamily
Clearly, they are willing to sacrifice human lives to save the corporate profits. This is Satanism
And from the bloke whos family fled the nazis to escape persicution and now this is his treatment of hard working Australians auspol Bullshitboy CrimeMinister ScottyfromMarketing covid19 BinBoyMuller Pell GoldfingerPell RubyDutton Watergate Grassgate
Only plan is a APP and putting our child in class room withn no social distance
Well, you made the decisions to lock us all down. Now prove you have the intelligence to know what is the right path for re-booting the economy. (hint: Keynesian economics 101).
agreed
Liberal Treasurer putting Australia through a recession. Oh but yep they are better economic managers hahaha yeah right!
Tell Lord Howe Frydenberg the jobs have vanished.
Talk about useless
Tell me where these jobs are. I’m studying now instead. Had a job interview last week when they found out I was a single mum they said I wouldn’t fit because of the uncertainty.
How much will a heap of dead Australians cost? When is Joshy going back to work?
Theres no reason on the world why they shut parliment other than to destroy democracy It's all about ScottyFromMarketing
I started working in a new job 3 weeks ago. It can be done, dont rely on jobkeeper or seeker payments people, they won't replace a wage, nor will they be readily available in coming months.
Well, then I'm sure he's lining up at Parliament house to start sitting again!
For the LNP, money is more important than the lives of a few thousand people.
What if we told him that public health economy?
Time for a rehash on our flawed economic system?
Hey JoshFrydenberg, how about you go first? Trying to get people to go back to work while parliament isn't returning is hypocritical!
So we have had right restrictions, but this virus is less deadly than the flu, right? CSIRO I am hammering the brakes on lifting restrictions by day, but is this too tight with this knowledge?
At what cost to lives JoshFrydenberg? Have you got a $ figure for that too?
So we are a 1000 B$ economy, and they are worried about a cost of 16 B$ to stay in lockdown another month or so in order to make sure of covid suppression? But they weren’t worried about a similar size reduction in economic growth rate already occurring under their policies?
So they're reopening Parliament and doing the job they are a paid a fortune to do then are they?
I think it's vital people don't get sick and die first and foremost.
So what ... you should have closed earlier ... it’s your fault ... own it
... because in his mind, GDP = Gross Domestic People
When’s parliament back?
HEY JOSH DON'T FORGET, ,YOU PRICK WAS STILL BEING PAID OUT OF THE TAXPAYERS PURSE
Hmmmm... JoshFrydenberg ... great guy and spoke with him today. He is that tight he got double glazing so the kids could not hear the ice cream van go by.
Where are the jobs JoshFrydenberg ?
AusGov: DOWNLOAD THE APP IT'LL KEEP YOU SAFE Australia: What about all those restrictions that have kept us safe the last 5 weeks? AusGov: DOWNLOAD THE APP IT'LL KEEP YOU SAFE
Then open Parliament. So tired of the hypocrisy.
JoshFrydenberg Show us the way. Lead us. Get back to work yourselves you lazy/cowardly fundaments.
Hypocrite
JoshFrydenberg After you Josh!
How about the Rabid Rabbi get back to parliament and do some work, wanker.
the solutions were worse than the virus
And who's fault is that? Blanket closure of everything when some things didn't need to be closed.
J Fry is worried about the economy! How about keeping the self distancing until the 1st of January 2021 ! By then we will have no COVID 19 ! Very relaxed people who worked all their lives like slaves and couldn’t move forward cause of the expensive life we had to endure
He says this as Parliament is still in recess?
so why isn't he?
No thx, I’m good.
No people = no economy 🤦♀️
Who gives a shit? People will die if they go back to work. Listen to the professionals ffs. Furthermore, maybe next time we have a pandemic we will have the proper supplies and an official response unit that the liberals fucked off. Profits be damned to the depths of hell.
Lockdown is having a huge emotional and psychological impact as well as financial
Yeah yeah Josh it's all about the lost denero ever heard of a society Josh
I agree this sucks. Enormously. But it would suck more if more people died....
So we are their bread & butter?
What's more important Joshua Frydenberg , Finance or the Health of the Australian people?
Too bad, should have thought about that, now you have your welfare state, you best be paying out fools.
Well JoshFrydenberg, if your LNP leader has opted for a hard lock down and better border contril like Prime Minister Jacinda Adearn, then maybe this whole situation wouldn't have dragged on this long and costing this much.
It seems this is compared to pre covid modelling. There is no pre covid world to return to. What does the economic modelling of reopening and having a sweden style death rate and restricted business practises look like?
We should get back to work when it is SAFE to do so, in a cautious, managed way. Thankfully that seems to be what's happening. Fingers crossed we don't stuff up the good work we've all done so far.
I won't have a job thanks to ScottMorrisonMP and JoshFrydenberg in a few weeks. Ask them about Universities and their decision no to support them to keep casual staff?
It really didn't take long to get back to the 'money over lives' angle, did it? Case numbers drop and 'it's back to business'. There will be a virus resurgence which WILL cost many lives, and a longer and more costly lockdown looms. Blinkered thinking.
capitalist death cult
what are the thousands of unemployed losing with no support unless working for 12 months with an employer. Back to work won't fix it. There will not be enough employers. The ' Lucky Country' does not include these people....
JoshFrydenberg ScottMorrisonMP Remind we the voters, the working people, why you aren’t back in our Parliament? Joshie ScottyFromMarketing
Speaking the bloody obvious.
The hip pockets of his donors are hurtz
If we keep up the distancing until June 1st, we should be able to get back to work. However we are coming into winter now & we know what that means. We have a month. The northern hemisphere nations may be lucky heading into summer. Although virus can spread in summer too😷🤧
I’m betting money people won’t see the Jobkeeper/Jobseeker $$$
Is it herd immunity after all Joshie?
Start we parliment
GCobber99 That'd be fine except JoshFrydenberg you and your LNPCrimeFamily had already destroyed our economy BEFORE the Covid shutdown. No-one is our media seems to remember this?
Ditch franking credits and tax the rich.
Scrap fcredits n ngearing.
hope victorian premier and his chief medical officer understand it too!
So JoshFrydenberg ..why isn't parliament sitting for a start. And usual rhetoric from the LNP..didn't take long did it. Go back to work you 'leaners'...
To clear up any confusion, here's clarification of what we need people to do:
Wow, I did not think it was costing that much. Now I understand why some want to go back to work now. I am on jobseeker & financial comfortable & was happy to stay on it, obviously I am kidding myself.
So why doesn’t the government get back to work to be an example
He should set the example then by getting back to parliament
Still got enough in the kitty to pay $16M a day in franking credits though. LNP Inc priorities.
How about we make health our priority? We want to go back, but we are scared and don’t want to get sick
Everyone wants to get back to where we were, it just needs to be safe to do so, doesn’t it? Sort that out, and the rest will follow pretty quickly
If we'd had a proper lockdown we'd be covid free and all back to work. Gutless .
Start with parliament.
So what is it then go to work or stay home?
Well let ‘em get back to work. And stop stressing about schools. Which at this moment add nil to the economy
A economy based on the workers paying the tax while corporate donors of the government get a free ride. A economy of services of aussies on casual low wages selling crap made in China headed straight to landfills. There should be a landfill tax to cover all the shit imported .
Well let us then.
Typical LNP. Money before lives.
Practice what you Preach and reopen Parliament. If it's unsafe for MP'S why is it Safe for the rest of Australian workers
You're blowing $2billion/day on manus security contracts.. add up BS health services to refugees, catering, rentals, etc.. auspol leaks tax payers money through untendered, shady as shit process and you blame Ozzie's for holding back the economy .. for the flu? No fucken shame
But we commit to another 11 billion because we don't like China sailing around the Pacific
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