Monday, 25 May 2020 09:03 PM MYT
SYDNEY, May 25 — Australia’s economy must not become reliant on government stimulus, Prime Minister Scott Morrison will say tomorrow, as Canberra unwinds state support and accelerates plans to spur growth.That is well below the equivalent numbers reported by many other developed countries, an achievement it attributes to tough social distancing rules that have prevented local hospitals from being swamped with coronavirus patients but taken a heavy toll on the economy.
“At some point you’ve got to get your economy out of intensive care,” he will say in a speech in Canberra on Tuesday afternoon, extracts of which were sent to Reuters.The Reserve Bank of Australia expects the economy to shrink by 10 per cent in the first half of this year, marking its first recession in three decades, while unemployment is expected to top 10 per cent.
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