The COVID-19 pandemic resulted in the most severe global economic crisis since the Great Depression.
Treasury calculated Australia’s unemployment rate could reach 15%.
It has been tough. There have been setbacks.
However, Australia’s economic recovery is leading the world.
The latest National Accounts show Australia’s economy has grown 3.4% since the pandemic – more than the world’s major advanced economies (USA, UK, Canada, Germany, Japan, Italy and France).
Australia was ahead of the major advanced economies in having more people in employment than pre-COVID.
There are now 394,400 more Australians in employment than there were prior to the pandemic.
Unemployment is down to 4% – the lowest in 48 years – and is expected to fall even further. This is considerably lower than the 5.7% unemployment rate left by Labor.
Despite the pandemic, there are 1.9 million more Australians in jobs than when the Coalition came into Government.
The recent Budget delivers the largest improvement to the Budget bottom line in over 70 years.
Over five years, the Budget will be over $103 billion better off (compared to last year’s mid-year Budget projections).
Our economic plan is working.
JobKeeper saved 700,000 jobs. HomeBuilder helped more than 100,000 Australians into a home.
Taxes are lower for 12 million Australians and 3.6 million small businesses and sole traders.
Australia is one of nine countries to hold a AAA credit rating from the three leading credit agencies.
The Morrison Government’s plan will deliver a stronger economy, with:
- 1.3 million jobs created over the next five years, including 450,000 jobs in Regional Australia.
- More jobs and unemployment below 4%.
- Tax relief for workers and small businesses.
- Better roads, rail, water infrastructure and renewable energy technology.
- Record investment in health and other essential services.
- Stronger defence, borders and security.
SUPPORT DURING THE PANDEMIC
Australia entered the COVID-19 pandemic in a position of strength:
- In 2018-19, for the first time in 11 years, the Budget was returned to balance.
- Over six years, more than 1.5 million jobs had been created.
- Australia had the lowest level of welfare dependency in 30 years (as at June 2019).
This gave Australia the financial firepower to enact the strongest economic support measures in our history.
Australia’s economic response has included:
- COVID-19 Pandemic payments– over 3.2 million claims granted.
- JobKeeper – the largest support lifeline in history – which supported around 4 million jobs and over 1 million businesses.
- The Cashflow Boost, which provided over $35 billion in payments, helping over 800,000 small and medium businesses to stay afloat.
- A 50% wage subsidy, supporting 153,000 existing apprentices and trainees and 385,000 new apprenticeships and traineeships.
- Up to 478,000 JobTrainer places for school leavers and job seekers to upskill.
- The HomeBuilder program, supporting the residential construction industry.
- The Coronavirus Supplement, providing extra support for those on JobSeeker.
- $750 payments in April and July 2020 to millions of Australians, including pensioners. Additional payments of $250 in December 2020 and March 2021.
- Additional support for industries that have been particularly affected, including aviation, agriculture, fisheries, tourism and travel and the arts.
Information current as at April 2022