Treasurer JoshFrydenberg says the government’s budget repair approach will be replaced with ongoing targeted and proportionate spending to drag Australia out of recession.
Treasurer Josh Frydenberg says the government’s budget repair approach will be replaced with ongoing targeted and proportionate spending to drag Australia out of recession. He conceded the government is no longer pursuing a budget surplus, with that objective now on the backburner for quite some time. In place of the previous fiscal strategy there will now be a two phase approach.
The first is about boosting confidence and getting Australians back to work. The second will happen when Australia’s recovery is in full swing, with Mr Frydenberg making it clear that won’t occur until unemployment is below six per cent. The government has also announced a lifeline for thousands of businesses on the brink of collapse, allowing them to effectively trade their way out of insolvency instead of being handed over to administrators.
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