4 years ago
RBA SAYS ECONOMY NEEDS MORE SUPPORT NOT LESS
JIM CHALMERS MP
RBA Minutes released today point to the intensifying jobs crisis as the recovery stalls across the country and highlight the dangers of Scott Morrison’s cuts to economic assistance later this month.
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 Reserve Bank could not be clearer: the economy needs more ongoing support, not less.
The Minutes reiterate that “fiscal and monetary support would be required for some time given the outlook for the economy and the labour market.”
A million Australians are already unemployed, 400,000 are expected to join them by Christmas, yet Scott Morrison is cutting JobKeeper despite warnings from the Reserve Bank and others about the dangers of this approach.
The RBA expects the recovery to be patchy and uneven, with the recovery in the jobs market slowing, and consumption and wages growth likely to remain below pre-pandemic levels for some time to come.
Australia is in the grips of a jobs crisis, but the Morrison Government doesn’t have a jobs plan.
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.
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 Reserve Bank could not be clearer: the economy needs more ongoing support, not less.
The Minutes reiterate that “fiscal and monetary support would be required for some time given the outlook for the economy and the labour market.”
A million Australians are already unemployed, 400,000 are expected to join them by Christmas, yet Scott Morrison is cutting JobKeeper despite warnings from the Reserve Bank and others about the dangers of this approach.
The RBA expects the recovery to be patchy and uneven, with the recovery in the jobs market slowing, and consumption and wages growth likely to remain below pre-pandemic levels for some time to come.
Australia is in the grips of a jobs crisis, but the Morrison Government doesn’t have a jobs plan.
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.