Victoria’s economy is set to go “back to square one” and will incur significant pain following the second wave outbreak of COVID-19 according to Sky News host Peter Gleeson.
On Tuesday the Reserve Bank kept rates on hold at a record low of 0.25 per cent, as widely anticipated. Governor Phillip Lowe released a statement saying the economic outlook remains uncertain and Australia’s economy is going through the biggest contraction since 1930, with some 800,000 jobs lost since March.
Mr Gleeson said the Victorian second wave of coronavirus will have a significant “impact on the national fiscal narrative”. He said the nation’s political leaders must throw the rulebook away when it comes to stimulating the economy. “The first real test will be taxation reform”. He said Scott Morrison has shown remarkable resilience as prime minister and “there’s little doubt he is a good PM”. “But if he wants to be a great PM – in the genre of a Menzies – he needs to engineer real tax reform”.
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