NSW Treasurer Dominic Perrottet said the state\u2019s focus on job creation in its economic response to COVID-19 was the right approach to recovering from Australia\u2019s first recession in almost thirty years.
\nNational account figures out yesterday indicated consumer and business confidence had fallen to their lowest levels on record, reflecting the combined impacts of the drought and bushfires, as well as the beginning of COVID-19 social distancing and travel restrictions. In NSW, ABS data showed NSW state final demand (SFD) fell by -1.5 per cent in the March quarter, the weakest result in 20 years.
\nMr Perrottet said the figures were worrying but not unexpected given the impact the pandemic has had on spending, with household consumption down 1.6 per cent, partly offset by a 1.8 per cent increase in government financial support.
\n\u201cRight from the start of this pandemic, we\u2019ve said we\u2019ve got to keep our infrastructure projects moving and keep people in jobs and businesses in business,\u201d Mr Perrottet said. “That’s why our pipeline has increased to over $100 billion and this will be an infrastructure led recovery.”
\n\u201cWe\u2019ve allocated almost $11 billion in self-funded stimulus support measures – more than any other state – and we\u2019re committed to supporting projects that create jobs across NSW.”
\nMr Perrottet said figures for the next quarter are unlikely to be much better and the end of the Federal Government\u2019s JobKeeper program in September is likely to see a further increase in unemployment.
\n\u201cWhen hundreds of thousands of people are losing their jobs,\u00a0we need to divert every dollar to create many more jobs through stimulus programs.\u201d
\n\u201cThat\u2019s why we need to hit the pause button on public sector pay rises so that we can get thousands of people off the Centrelink queues and back to work.\u201d
\n\u201cHousehold saving increases during times of crisis and a pay-rise would only boost that. What we really need right now is more jobs, jobs, jobs.\u201d
\n\u201cThe only people who are unaware we are in a pandemic-induced recession is the NSW Labor party and they need to get with the program or get out of the way.\u201d
\nThe GDP result is expected to be just the start of bleak economic figures for the country, with the next set of national accounts figures due out in September.<\/p>\n","protected":false},"excerpt":{"rendered":"
NSW Treasurer Dominic Perrottet said the state\u2019s focus on job creation in its economic response to COVID-19 was the right approach to recovering from Australia\u2019s first recession in almost thirty years. National account figures out yesterday indicated consumer and business confidence had fallen to their lowest levels on record, reflecting the combined impacts of the … Continue reading “JOB CREATION THE REMEDY TO COVID RECESSION”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6840","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/6840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=6840"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/6840\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=6840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=6840"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=6840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}