Predictions of a bounce back
With the JobKeeper wage subsidy ending at the end of the month, Australia’s economy might not receive the jolt some anticipated, new research published in The Australian (paywall) says this morning. Since April, the Commonwealth Bank reckons households have saved $120 billion more than what they normally would after overseas travel and social activities weren’t possible. And it’s that “war chest” that’s driving property price hikes, retail spending increasing confidence, they say. Despite the pep in our economic step, Treasurer Josh Frydenberg says he is contemplating ongoing targeted financial support in sectors like tourism, aviation, and for employers to put on trainees. PM Scott Morrison is addressing the Financial Review’s Business summit this morning where he’s expected to outline some of the details for the economy’s “the post-emergency phase”.
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