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Australia To Implement Two-Stage Strategy For Economic Recovery

AUSTRALIA

BBG runs headlines from Australian Treasurer Frydenberg's comments on the federal government's strategy ahead of next month's budget release.

  • Frydenberg pledges continued "temporary, proportionate and targeted fiscal support, including through tax measures".
  • The government will implement a two-stage strategy, focusing on a jobs-led economic recovery.
    • "Phase 1 to remain in place until the unemployment rate is comfortably back under 6 per cent."
    • "Once we are confident that the recovery has taken hold, we will move to Phase 2 of our revised fiscal strategy which is focused on restoring our fiscal position."
  • Medium-term budget position is set to weaken and the government will not target budget surpluses over forward estimates.
  • Click here for the full speech.

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