Fixing Australia’s flagging economy is like a “Test Match, not Twenty20”. This is how Treasurer Scott Morrison described his ongoing task of reviving the economy.
Morrison used the cricketing analogy to press home the point that the process takes time. “Of all the uncertain and turmoil around the world, Australia is the best place to be in terms of the economy, and this is good news,” he said, reports 9 News.
“There is no easy answer to this, it does take years – it’s Test Match, not Twenty20. I’m telling the Australian people that this will be a hard slog over a long period of time and you need to be disciplined and sober about it,” he added.
The treasurer was reacting to the report of Committee for Economic Development. The report said Australian economy will have a slow growth and the consumer confidence will also be low.
Morrison highlighted many external factors. The sluggish movement in China is making things tough. But the government is determined not to tax Australians further, he said.
“Sure, things are tough. But we need to ensure we don’t drag on that by putting taxes on people, and that is exactly what we’re going to do – not putting taxes on people,” he said. It was an indication that the government’s plan to raise the GST has been dropped.
The sombre outlook is despite Prime Minister Malcolm Turnbull’s promise to heal the economy, when he took over from Tony Abbott. Turnbull government is now mulling spending cuts in the economy. That will be from 25.9 percent to 25.3 percent in the overall economy. Morrison’s solutions to revive the economy include innovation and a fresh focus on infrastructure.
Meanwhile, the National Australia Bank chief executive Andrew Thorburn said Aussie economy is resilient. According to the NAB chief, a real crisis will come only when the unemployment rate crosses 10 percent. But Thorburn called for urgent measures to fix issues osuch as high taxes and rising government-spending, reports The Australian Financial Review.