Economic data shows we must stay the course

Today’s national accounts confirm that continued closures and restrictions come at a huge economic cost, Business Council CEO Jennifer Westacott said.

“It is a reminder that we must stay the course on reopening our national economy, otherwise we risk losing the economic momentum as employment and activity data shows it is accelerating.

“Behind this set of numbers are small businesses that couldn’t stay open, workers who went months without a paycheck, and families who roughed it up in some of the pandemic’s darker days.

“We have reason to be positive because we know that when the economy reopens, jobs and activity will return.

“The huge support from the government made it possible to achieve a better-than-expected result, but a return to gradual blockages and restrictions could put us back permanently.

“Australia cannot afford to take a step back.

“Sticking to the reopening plan will mean clear, consistent and risk-based action to maintain our economic momentum and keep people safe.

“We need a change in mindset that recognizes that greater uncertainty is here to stay, so we will need to put in place the lessons we have learned in dealing with the virus to keep the economy open and Australians safe. .

“New investments will be needed to boost our long-term recovery, but they remain at record levels. We need to create the right conditions so that businesses can continue to invest in new jobs, new industries and new opportunities.

“Our priority should be to reopen and keep borders open, to build confidence with consistent rules and regulations nationally, and to plan for faster and more sustained economic growth.

“It means continuing to work to get essential skills, international students and Australians back to the country. Australian jobs depend on it.

“As we emerge from the pandemic, we must change our focus to manage the seismic economic changes that lie ahead, create new industries and position ourselves for the future. “

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