Australia's economy will continue to be hampered by the COVID-induced shockwaves hitting government coffers, employment and migration for many decades to come, according to the latest forecasts from the federal Treasury.
More baby boomers are reaching retirement age and population growth is not forecast to keep up with the demands that will put on the nation's labour market. "While Australia's stronger-than-expected economic recovery has flowed through into the fiscal position, the effects of the pandemic on the budget are expected to remain into the long term."
"The most enduring effect is likely to be a smaller population reflecting sharply limited migration for a period and a lower fertility rate." "This is the first time there has been a downward revision of the long-term population projections in an intergenerational report," Josh Frydenberg's speech notes say.
And yet house prices are sky rocketing. 😂😂😂
The Destroyer
Squeezing the country for personal and political donors profits for decades ruined the economy no accountability passing the debt on to retire with a fortune and a speaking junket tour
We aren't out of this yet.. in fact it looks like our fun is just about to begin Gonna wish we had built proper facilities.... No Friesnburger next election...
Intends to be next PM.
JoshFrydenberg u and Morrison must go ⬇️
We will have a lot more to worry about if the ramshackle group of LNP treacherous interlopers gain office again
No, the libs tripling debt will be the cause
Thankfully we won't have to put up with LNP wedge politics for a while then. 'Only Labor do debt and deficits' 'back in the black' 'only Liberals do surpluses' was wearing a bit thin with me.
JoshFrydenberg had failed as Treasurer well before covid auspol
Conse Consecutive Governments blatant financial mismanagement will put us into ever increasing debt. Interest on debt alone will never get paid off.
How does that compare with Australia’s military debt? Last I heard our children are going to be servicing that into the 2050’s.
In the period Jan-Mar 21. 2,782 people died in AU from flu/pneumonia. Vaccines are only 30-60% effective. Why are we okay with this, but a single case from covid causes lockdowns? COVID vacc over 90% effective. Source:
How dare you have fake 'experts' saying vaccines benefit far outweigh risks. No such study has been made. Covid Vaccines have bifurcated regular FDA approval through an Emergency Authorization. Not even an expert could claim what you post.
Not covid Lnp nats Not 4 decades 100s of years Climate change inaction is a crime
Should the PM and ministers cut their remuneration packages now?
But the government is getting a payrise?
Two jobs - vaccinations and quarantine stations. Bungled both of them, now we’re at a mess again
Not just covid, liberal economic policies, corruption akin to 3rd world dictatorships and incompetence are the underlying causes for or economic malaise
Congratulations Josh, you prat. 😠
Well maybe if they didnt hand out zillions in job keeper payments to people like Harvey Norman and Solomon Lew, both of whom boosted profits during pandemic lockdowns....
Are you going pressure NSW for out of lockdown economic plan. Or was this just for Victoria . When we we 100s cases a day do you remember waking up to 800 cases . Shame on you Victorians will not forget .
Well thank goodness we had such wise and forward-thinking financial managers in power when this unprecedented pandemic hit our shores; their calm hands on the tiller should mitigate the worst of *vomit*
Population won't be fixed until you atart looking after millennial and zoomers. With all time high house prices and all time low wages where is the incentive to have kids
Thanks to out Chinese partners
Pure Karma CaterinaJohnst3 nickbarnesaus ozcrimenews COVID allows those left behind to catch up LeftistVax
Gee, wonder what they'll do when the world's pop starts to decline.. The aging 'problem' cannot be 'fixed' by migration. Trying to preserve a system that only serves the few. Governments will literally replace their people rather than addressing their conditions.
'Treasury said any chance of it magically returning to normal once restrictions are eased is unlikely' Too easy. Just attach permanent residency to a university degree for every international student 🤪
Anyone ever question why our population declines without immigration? It's difficult to have children with unaffordable housing, low wage insecure work & higher education/health costs. This is standard neoliberal genocide with migrants replacing workers who can't reproduce...
They'll find a way to blame Labor, no doubt. Or 'green tape'. Anything except taking responsibility for their own actions.
Here is the part where Frydenberg tries to offer excuses and Blame The Pandemic, for the huge increase in Debt. Newsflash - we were already in huge debt- prior to Covid-19
Like bulls in a China shop comes to mind
Thanks
It is an existential imperative that corporations and businesses pay a fair rate of tax.
Constantly shirt fronting your biggest customer may also be issue?
Please tell us more about Labor's 'DeBt aNd DeFiCiT DiSaStEr'! 🙄
Que whinging and critics before u start Australia wont be the only nation effected by this so take a deep breath and remember you could be living in China where u cant whinge
It ( the debt )was mostly accrued before COVID as a thing
Ebenezergeezer do your bit! Pop some out.
For a minute there I thought the headline was covid plan, wishful thinking covid MorrisonFailure VaccineStrollout
Tax the rich!!
Hopefully means the RBA won’t be raising interest rates anytime soon
This lot are going to be screwing Australia for another 40 years. Great!
Particularly for a national economy that lacks vision towards transition?
At the very least...the LNP are setting up their opportunities to scream about 'debt and deficit' again should they lose power in the future...as well know it only matters when they are not in government.
Not an important economic indicator.