Australian Prime Minister Announces Second Phase of COVID-19 Recovery Plan

Prime Minister Scott Morrison has announced the second phase of the COVID-19 Economic Recovery Plan, which is part of the upcoming 2021-2022 accounting budget.

In a speech to the Australian Business Council on April 19, Morrison said his budget was on last year’s economic recovery plan, which saw $ 98 billion ($ 76 billion) in COVID-19 response and lower unemployment. He said it would be built on the basis. Up to 5.6% — lower than pre-pandemic levels. At the same time, the economy recovered 85% of the losses from COVID.

Morrison said the new plan will prioritize aspects that stimulate corporate-led economic growth and put the corporate and private sectors at the forefront of a strong economic recovery.

“(It) is a plan that remains clearly focused on low taxes, competition policy setting for Australian industry, wise labor relations setting, deregulation, open trade and open markets,” Morrison said. ..

Morrison also announced a $ 120 million deregulation package, emphasizing that deregulation is the “pillar” of recovery plans and does not place unnecessary burdens on businesses and employers.

On April 20, 2020, people are lining up for welfare payments outside the Centrelink office in Melbourne, Australia. (WILLIAM WEST / AFP via Getty Images)

In particular, Morrison said existing “depressing regulatory levels” are preventing businesses from hiring more Australians, and these obstacles need to be removed for businesses and the economy to grow. ..

It is estimated that companies can save an average of $ 430 million annually by reducing regulatory compliance costs under this package.

Part of the burden reduction involves streamlining the reporting process under the National Greenhouse Gas and Energy Reporting Scheme. This can also reduce the time spent writing reports by up to 70%. It also benefits an estimated 900 companies each year.

The Prime Minister also flagged reducing the regulatory burden of digital services in the healthcare sector, helping to reduce costs for some 400 companies.

Morrison said these measures, along with other measures, work together to support businesses and promote economic growth.

“These are fine-grained, but they make a big difference in running a business, which means you can invest more confidently and hire more confidently,” he said.

AAP contributed to this report.

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