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Treasurer anticipates ‘continued momentum’ despite COVID-19 outbreak

Scott Emerson
Article image for Treasurer anticipates ‘continued momentum’ despite COVID-19 outbreak

Federal Treasurer Scott Frydenberg says the Australian economy will continue to recover from the recession despite the coronavirus outbreak in Sydney’s northern beaches. 

The Mid-Year Economic and Fiscal Outlook (MYEFO) was released yesterday, which predicted the deficit to fall to $198 billion.

However, there are concerns the forecast is based on potentially volatile factors such as border lockdowns and international travel.

Mr Frydenberg said while the Sydney outbreak posed a risk to the stability of these predications, he isn’t concerned yet.

“Our economic recovery very much depends on our ability as a nation and the states and the territories’ abilities to actually suppress the virus when it arises,” he told Scott Emerson.

“I have a lot of faith in the New South Wales health system and their ability to get to the bottom of it,”

Additionally, Mr Frydenberg said MYEFO made conservative assumptions around uncertain factors, such as the price of iron ore and when international travel resumes and the vaccine is rolled out.

The government’s introduction of economic support measures are also expected to “provide continued momentum for the economy into next year,” Mr Frydenberg said.

“The future is challenging and we know that next year will be another hard year and the road to recovery is going to be long and pretty bumpy as well.

Press PLAY below to hear the full interview. 

Scott Emerson
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