Treasurer Josh Frydenberg said today’s National Accounts confirmed the devastating impact on the Australian economy from COVID-19, with the nation’s “record run of 28 consecutive years of economic growth” now officially at an end.
“The road ahead will be long. The road ahead will be hard. The road ahead will be bumpy,” the Treasurer said at a press conference just minutes ago.
Mr Frydenberg said the National Accounts confirmed Australia is in deep recession, with the economy experiencing the sharpest contraction in Australian history.
“But it’s important to recognise that this fall in the June quarter is not including economic state for restrictions imposed by the Victorian government in early August,” the Treasurer said.
“This is something that will weigh heavily on the September quarter numbers.
“Today’s devastating numbers confirm what every Australian knows – COVID-19 has wreaked havoc on our economy and our laws. It is nothing we have ever experienced before.”
But, he says, there is hope – and there is a road out.
“Our plan for the recovery has helped hundreds of thousands of Australians get back to work, and thousands of Australian businesses, have opened their doors,” Mr Frydenberg said.
“Our commitment to the Australian people is that we have your back. We were with you on the way into this crisis. We are with you through this process. And we will be with you all the way.”
He said as Treasurer, his focus was on getting the Australian people through the economic shock of COVID-19.
“It is about the businesses that have had to close their doors or let go staff. It is about families who are locked in their homes in Victoria for 23 hours a day, unable to see grandparents, kids unable to get educated because schools are closed.”
“These are the impacts of this one in a century pandemic.”
