Fact sheets. Download PDF. As a result, Australia has achieved some of the best health and economic outcomes in the world. The Australian community also continues to feel the effects of COVID, through disruption to their lives, education and health. The global economic outlook remains highly uncertain, with many countries experiencing their worst downturns since the Great Depression. This is a once-in-a-century shock that requires an unprecedented level of support across the economy. The Government is continuing to support those sectors, regions and communities that face significant challenges. Our economic recovery plan for Australia is focused on growing the economy so Australia can create jobs, increase economic resilience and create a more competitive and income-generating economy. Our plan is also reflected through the revised Economic and Fiscal Strategy, firmly setting our focus on driving the economic recovery to strengthen the budget position in the near term, then stabilising and reducing debt as a share of the economy over the medium term. Gross debt is expected to be Gross debt is projected to stabilise at around 55 per cent of GDP in the medium term. Net debt is expected to be Net debt is then projected to fall to Until a vaccine is developed and widely deployed, significant uncertainty remains. Through this phase, the Government will maintain flexibility to respond to the circumstances as they evolve. The consumer price index, employment, and the wage price index are through the year growth to the June quarter. The unemployment rate is the rate for the June quarter. As the economic recovery progresses, the budget position will also strengthen. Once the unemployment rate is comfortably below 6 per cent and on a path toward previous levels, the focus will shift towards stabilising and then reducing debt as a share of GDP, while still allowing for flexibility in response to changing economic conditions. With countries taking action to protect the health of citizens, most economies have recorded historic contractions this year. Australia stands out among advanced economies for its low infection rates and comparatively strong economic outcomes. Uncertainty about economic and health outcomes has weighed on consumer and business confidence, and has put pressure on the global economic and financial architecture. Physical distancing and restrictions introduced to control the virus will constrain economic activity for some time, and renewed outbreaks remain a key risk to the outlook. The pandemic has hit workers hard. Governments and central banks have responded to the crisis decisively. Fiscal support aimed at stood down and laid-off workers has limited the impact on household balance sheets, particularly in advanced economies. Near-zero policy interest rates and unconventional monetary policy have helped central banks around the world to maintain liquidity. Global merchandise trade was 9 per cent lower in the first half of than in the second half of International travel restrictions have disproportionately affected services trade, such as tourism and education. Source: National statistical agencies, Refinitiv. Note: Data for China not broken down by quarters. The Australian economy is currently in recession as a result of the COVID pandemic, its first recession in almost 30 years. Real GDP fell by 7. As the virus has come under control and containment measures have been eased, the jobs lost have started to come back. Of the 1. Economic activity is forecast to pick up strongly from late and into early , driven by a further easing of containment measures and improving business and consumer confidence. The unemployment rate is expected to peak at around 8 per cent in the December quarter of this year, before falling over the next few years as the economy recovers and businesses gain confidence to employ more workers. Without this support, GDP would have fallen further and the unemployment rate would have been much higher.
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