According to the latest Deloitte Access Business Outlook, the Australian economy is “roaring back” and has outperformed every major advanced economy in 2020.
Federal Member for Page Kevin Hogan said Australia is leading the world in fighting COVID-19 and our economy is one of the strongest globally.
“This latest report shows there is no better place in the world you would rather be, on both a health and economic front,” Mr Hogan said.
“Australia’s economy is forecast to grow by 4.9 per cent in 2021, significantly higher than what was previously projected.”
“In the last six months, Deloitte says we have seen the strongest economic growth ever recorded, and we’re an ‘international standout’, behind only China and Israel.”
“Australia’s living standards also improved in 2020, with real national income per head – the best measure of living standards – growing 1.4 per cent.”
“The report also says our unemployment rate is a ‘great’ result and around two years earlier than Deloitte’s own forecasts back in December.”
These forecasts follow the Federal Government’s unprecedented response to the crisis, providing $251 billion in direct economic support that has helped to keep businesses in business and Australians in jobs.
The next stage of the Government’s Economic Recovery Plan will support private sector activity through a number of measures including tax cuts, business investment incentives, investment in skills and training, and infrastructure.
Confronted with the greatest challenge Australians have faced since the Second World War, we are proving once again how resilient we are.