Treasurer Josh Frydenberg says it's 'going to take years' for Australia to make a full post-COVID economic recovery, and pledges to be 'ambitious' in the October budget. Follow live.
has been doing the breakfast TV rounds this morning, and was chatting on ABC News Breakfast about the slightly disconcerting news thatI think [recovery] is going to take years. But because of the Government's record investments, people are starting to get back to work.
So, we have to have patience, but we also need to retain our focus on helping to grow the economy. That's going involve reforms.What you'll see is the next stage of our JobMaker plan. You've already seen an unprecedented level of support. And the focus has been to date on fiscal policy. The reason being is that monetary policy is largely but exhausted. During the GFC, interest rates were able to be cut by around 425 basis points. That was the equivalent of injecting into the economy $100 billion over a 12-month period.
We don't have the luxury of movements on monetary policy to boost demand. It has to be done by fiscal policy, and that's what we're undertaking right now.
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