The economic cost of the coronavirus pandemic is becoming clearer with unemployment officially forecast to peak at 10 per cent by the middle of the year.
The Treasury analysis comes ahead of Thursday’s meeting of National Cabinet, where the Prime Minister and the Premiers will start planning the “road out” to the other side of the corona crisis.
And as Scott Morrison talks about the need to safeguard our economic sovereignty, thoughts are turning to rebuilding the country’s manufacturing sector to ensure more self reliance when it comes to critical supplies, such as medical equipment.
But divisions are already emerging within government ranks with some free market MPs warning against rejuvenating industries which they argue are uncompetitive and costly for taxpayers.
Karen Andrews, Minister for Industry Science and Technology
Producer: Alison Carabine