Gladys Liu (Chisholm, Liberal Party) Share this | Hansard source

The COVID-19 pandemic has resulted in the most severe global economic crisis since the Great Depression. In April 2020 more than one million Australians lost their jobs or saw their working hours reduced to zero. Despite these considerable challenges, our economy remains strong, its fundamentals remain sound and it continues to provide remarkable resilience.

In March 2021, Australia became the first advanced economy to have more people in employment than prior to the pandemic. Between May 2020 and June 2021 more than a million jobs were created. The good news is that the economy is now set to recover strongly from the impact of the delta strain, with the Reserve Bank forecasting economic growth to increase to 5.5 per cent next year and the unemployment rate to be sustained at below five per cent for just the second time in 50 years.

According to Treasury analysis, 350,000 jobs have been created since the start of September as New South Wales and Victoria emerged from lockdowns. And, despite COVID-19, Australia's unemployment rate is still lower than when Labor left government in 2013. The strong bounce back has been supported by the Morrison government's economic plan, which has protected Australians in lockdown. Significant policy initiatives like JobKeeper; JobMaker Hiring Credit; the JobTrainer fund; the Supporting Apprenticeships and Trainees wage subsidy; the Boosting Apprenticeships Commencements wage subsidy; the Transition to Work program; Industry Training Hubs; and the Youth Jobs PaTH program have all contributed to cushioning the effect of the pandemic.

Our recovery plan will also ensure we continue to bounce back strongly as restrictions further ease. Our tax cuts have also seen more than $24 billion flow to 11.5 million Australians since the onset of the pandemic, with $10.2 billion flowing in the September quarter alone, equating to around $900 per person. This support has protected household and business balance sheets, with over $360 billion in private sector savings that weren't there prior to the pandemic. And just in time for the holiday season, too.

But some Australians and their businesses have suffered more than most. That's why our government is continuing to provide targeted support to regions and sectors that have been disproportionately affected by the pandemic. For example, our tourism and trade sectors have been particularly hard hit. That's why we have ongoing support for these critical industries, including $139.6 million for the Supporting Australia's Exhibiting Zoos and Aquariums Program, as well as various co-funding arrangements with state and territory governments for tourism sector programs in their jurisdictions. Also, in the arts and entertainment space, the Morrison government has announced that it will provide extra funding to two proven COVID-19 support measures for arts workers and arts companies, with an additional $20 million to go to Support Act and an additional $15 million to go to the Arts Sustainability Fund.

The Morrison Liberal government has provided unprecedented assistance to Australians and Australian businesses throughout the pandemic, and we will continue to back them in as we secure our economic recovery in 2022 and beyond.

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