Sky News Political Editor Andrew Clennell says the looming treasury announcement confirming Australia has entered its first recession in three decades will make for "grim but not unexpected" news. “We know we are in a recession. The aim has been to keep us out of depression,” he said.
The Treasurer is today expected to announce Gross Domestic Product figures which will reveal the Australian economy has contracted by approximately six per cent. “The one big thing to worry about is the debt going forward," Mr Clennell said. “I don’t think JobKeeper will be coming off before the next federal election … and by then a fair bit of money, extra tens of billions, would have been spend.
aclennell CV19 or not, the Recession was on its way.
aclennell Busts the myth that the LNP are superior economic managers.
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Australia is the ‘canary in the mineshaft’ of Beijing’s plan to dominate | Sky News AustraliaThere is no sense at all that communist China is interested in a “relationship of equals” with Australia, according to the Australian Strategic Policy Institute’s Peter Jennings.\n\nLast week, Prime Minister Scott Morrison announced his plan to introduce broad scope powers for the federal government to tear up any deals states have engaged in with foreign powers.\n\n“(Beijing) wants subservience amongst the countries in the region,” Mr Jennings told Sky News host Alan Jones.\n\n“If you’re not prepared to do that – and of course Australians won’t – you’re going to be attacked, you’ll be coerced, and you’ll have your economy attacked.\n\n“That’s how Beijing is deciding to portray itself. Australia is being a bit of a canary in the mineshaft.”\n\nImage: AP Maybe Australia can consider abolish the one China policy It’s obvious that China isn’t pleased with us standing up for our values & sovereignty but up their ar*e, I say! Enough bullying & contemptuous treatment but now we hear of a citizen being held captive. Seems this women’s been there for yrs so why now? May God bless & keep her. Pleases me that our government LiberalAus is being so pro-active pushing back against the ccp肉, we'd never in a million years see a AustralianLabor government due that.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Treasurer to announce Australia in first recession in three decades | Sky News AustraliaThe Treasurer is today expected to announce Australia has entered its first recession in almost three decades with an expected six per cent contraction in Gross Domestic Product during his national accounts address.\n\nJosh Frydenberg said the coronavirus pandemic swung 'a wrecking ball' through the economy but said Australia was doing better comparatively than other nations.\n\n'The impact... on GDP in the June quarter across the world has been staggering,' Mr Frydenberg said.\n\n'In the United Kingdom, it has been around 20 per cent. In France, it has been around 14 per cent.\n\n'The expectation is the fall here will not be as large as we've seen in other countries around the world indicating the remarkable resilience of the Australian economy.'\n\nThe contraction represented the worst economic downturn since records began in the 1950s - dwarfing a two per cent quarterly drop in 1974.\n\nThe Reserve Bank of Australia unsurprisingly announced yesterday it would again keep the cash rate on hold at the record low 0.25 per cent but Governor Philip Lowe confirmed another cut was unlikely for the 'forseeable future'.\n\nMeanwhile, the parliament has greenlighted the government's plan to cut Jobseeker and Jobkeeper payments beyond September when a two-tiered, revised system comes into effect through to March 2021.\n\nThe Treasurer argued it was time to begin winding back the government's high level of fiscal support, but said no Australian would be 'left in the lurch'.\n\nImage: News Corp Australia That's been the plan all a long. Go bust for the foreign takeover. FANTASTIC Well Done Great Work LittleJoshy Stand up take a bow 👏👏👏👏👏 TrillionDollarDebt from the TrillionDollarLiberals Yuup sore it coming.
Source: SkyNewsAust - 🏆 7. / 78 Read more »