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Australians passed a milestone in a marathon during the past few weeks when the country grew strongly enough to undo the great shrinking of the national economy last year.
Treasurer Josh Frydenberg will not even claim to have passed this marker in the recovery from crisis, but economists believe the nationâs gross domestic product is now as big as it was before the pandemic.
Treasurer Josh Frydenberg: âa natural optimistâ, says one economist.
Credit:Alex Ellinghausen
This was not meant to happen so fast. The pandemic recession destroyed so much economic activity â as measured by the imperfect benchmark of real GDP â that most thought Australia would take years to regain ground.
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the table to jump start the economy. we had a payroll tax cut in 2011 and 2012. i thought we should have put that in place for a third year because of the jump starting jobs impact. without something like that operative and moving, i think we should try a hiring credit. so if you hire you get 10% tax credit. we should focus on the plight of the middle class. which even predated the downturn of 07, 08 and 09. it s made ever worse by the numbers that we re seeing today. we re getting job growth, but not at a fast enough clip. not enough momentum yet. all right. thank you so much for your time today, senator bob casey of pennsylvania. thanks, karen. at this hour we continue to watch the devastating storms that are sweeping colorado. the confirmed death toll there stands at four with another two people assumed dead. nearly 500 people unaccounted for. president obama who s already declared a state of emergency