However, today’s National Accounts confirm that Australia’s economy is resilient.
It showed our economy grew by 2.2% through the year to December 2019, stronger than the OECD, Europe, Canada and the UK.
Our jobs growth over the last year was stronger than the US, Canada, Europe, the OECD and New Zealand.
In fact, Australia’s rate of welfare dependency is now at its lowest level in 30 years. Since this Government was elected, over 1.5 million new jobs have been created, the unemployment rate has fallen and the participation rate is around record highs.
The Australian economy continues to defy those who talk it down.
However, we need to be realistic about the challenges ahead. These include the full economic impact of the bushfires and coronavirus.
The Government is working on a targeted response designed to help keep businesses in business and Australians in jobs.
Our strong economy and budget gives us the flexibility to respond in a controlled and targeted way.
Australia is well placed to navigate the challenges we face.
We will continue to deliver on our plan and provide responsible economic management.
Yours sincerely,
Josh Frydenberg
Treasurer
Authorised by A. Hirst for the Liberal Party of Australia.
Corner of Blackall and Macquarie Streets, Barton ACT 2600.
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