The words "Love Syd" are spelled out in rooms at the Shangri-La Hotel amidst coronavirus in Sydney. Reuters
Australian Prime Minister Scott Morrison on Tuesday called for an ideological truce between employers and workers to revive the country's A$2 trillion ($1.3 trillion) economy, which has been badly damaged by the coronavirus pandemic.
Australia has reported just over 7,100 COVID-19 infections, including 102 deaths, well below numbers reported by many other developed countries.
While it attributes the effective containment to tough social distancing rules, those measures taken a heavy toll on the economy.
With Australia confident it has suppressed the spread of coronavirus, Morrison said the economy would need to stand on its own feet as Canberra begins to unwind much of its A$250 billion worth of stimulus.
"At some point you've got to get your economy out of intensive care," Morrison said in a speech in Canberra.
Australia has committed to removing the vast majority of social distancing restrictions imposed to slow the spread of COVID-19 by July, while nearly A$70 billion of government aid is scheduled to finish in September.
Borrowing a page from former Prime Minister Bob Hawke — widely seen as Australia's most transformative lawmaker - Morrison said his government would bring together unions, employers and business groups to discuss what changes could be made to industrial relations laws.Reuters
State Premier Daniel Andrews, however, said large industries would have to close for the next six weeks. Victoria has recorded several hundred new COVID-19 infections each day for the last few weeks.
Treasurer Josh Frydenberg said the latest Aus$66 billion announced Sunday brought government and central bank measures to support the economy to Aus$189 billion — or nearly 10 per cent of gross domestic product (GDP).
Paper masks and goggles are among offerings that ethnic Chinese in Malaysia will burn to mark "tomb Sweeping Day", hoping their ancestors can use them to fight the coronavirus in the afterlife.
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Toyota Motor Corp forecast its profit would bounce back to pre-pandemic levels this year, as the world’s biggest automaker exuded confidence it can tackle a global chip shortage that has stung its rivals. Japan’s top automaker, which has been stockpiling the
The Danish Government has confirmed its official participation in Expo 2020 Dubai, partnering the Danish Business Council at the six-month global gathering. Reem Bint Ibrahim Al Hashemy, Minister of State for International Cooperation, and Director General
Oil prices rose on Wednesday after a drop in US crude inventories reinforced Opec’s robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. US West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.44%, to $65.57