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.
SYDNEY - Australian Prime Minister Scott Morrison on Tuesday called for an ideological truce between employers and workers to revive the country’s A$2 trillion economy, which has been badly damaged by the coronavirus pandemic.
While it attributes the effective containment to tough social distancing rules, those measures taken a heavy toll on the economy. 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.
The divide between employers and workers within Australia has grown in recent years amid stagnant wage growth but with unemployment set to top 10% this year, Morrison said the time is right for a conciliatory approach.The central bank earlier this month forecast the economy would shrink by 10% in the first half of the year, marking the first recession in three decades.
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