Prime Minister Scott Morrison has ruled out introducing a temporary levy to begin paying down tens of billions of dollars in debt accumulated from its emergency response
Tax breaks for big business, deregulation and wide-scale industrial relations reform will form part of the Morrison government's attempts to lift the nation out of the economic black hole caused by the global coronavirus pandemic.
The Reserve Bank of Australia and Treasury have warned the government's current economic policy framework was inadequate for the task ahead, with Mr Morrison this week leaving open the option of breaking election promises if need be. Ratings agency S&P Global, which now expects Australian unemployment to average 7.4 per cent this year and remain elevated until at least 2023, said the economies of the Asia-Pacific would change because of the virus outbreak.
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