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Economy

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Strong rebound forecast for Victoria’s economy

Victoria’s economy is forecast to be the fastest growing in Australia in 2021, according to the Deloitte Access Economics Business Outlook Report released today. The report estimates Victoria’s economic growth will hit 5.4 per cent this year, leading Queensland (4.7 per cent), New South Wales (4.2 per cent), Western Australia (3.5 per cent), South Australia (3.4 per

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Six steps of the 2021 Economic Recovery Plan from the Treasury

As 2021 begins, the Morrison Government continues to deliver on its Economic Recovery Plan, building back from the COVID-19 crisis by securing Australian jobs and keeping businesses in business. From 1 January 2021, a number of new measures come into effect across government including: The most significant changes to Australia’s insolvency framework in 30 years, reducing

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Nearly 85% of COVID stood-down workers now back to work, says Treasurer

The 2020-21 Mid-Year Economic and Fiscal Outlook (MYEFO) builds on the Economic Recovery Plan announced in the 2020-21 Budget. In response to the crisis, the Government has provided $251 billion in direct economic support, with more than $138 billion having already flowed to cushion the blow for Australian households and businesses. The 2020-21 MYEFO measures

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WA business and consumer confidence recovered from Covid-19, says Treasurer

Mid-year Review shows WA economy is roaring back to life, says Treasurer Ben Wyatt. “Western Australia’s economic outlook is nation-leading, if not world-leading. Business and consumer confidence is sky-rocketing in our State.” “The Mid-year Review showcases WA is in the best position to recover from the pandemic stronger than ever.” Western Australia’s COVID-19 economic recovery

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Victoria’s AAA credit loss ’eminently manageable’

Treasurer Tim Pallas insists the loss of Victoria’s AAA credit rating is “eminently manageable”, forecasting it to cost the state an extra $10 million each year. Ratings agency S&P downgraded the state’s credit rating by two notches from AAA to AA on Monday, citing a weaker fiscal outlook. “The lowered rating reflects our view that

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Queensland’s budget: $26m for local grants and subsidies program

The Palaszczuk Government’s Budget handed down today continues Queensland’s Economic Recovery plan, creating economic development opportunities and jobs across regional Queensland. Deputy Premier and Minister for State Development, Infrastructure, Local Government and Planning Steven Miles said today’s Budget was a jobs budget. “The global COVID-19 pandemic has put immense pressure on our regional economies,” Mr

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