The escalating COVID-19 coronavirus situation remains the top focus for the industry.
We expect the Prime Minister to unveil an economic stimulus package in the next day or so as part of its fiscal response to the outbreak. The PM has emphasised the measures will be proportionate, timely, scalable, targeted, and temporary.
Lifting productivity is one of seven principles guiding the Government’s approach to the stimulus package. That’s a welcome and important focus.
This morning I’ll be participating in a roundtable discussion with the Federal Industry Minister, Karen Andrews, which has been called to discuss the coronavirus impact on industry supply chains, including the property sector.
Later in the day I’ll also be meeting with the Housing Minister and Assistant Treasurer. Last week our Retirement Living Executive Director participated in a ministerial aged care roundtable.
These form part of our ongoing engagement across government on the immediate and longer term impacts of the outbreak, and what government needs to do in developing its response.
In the course of doing so we are staying very close to our members in understanding the frontline business impacts of this global health emergency.
While the PM is optimistic the economy will bounce back from the impact of the virus, the Government needs to also take a longer view of what our economy needs to reset on a sustainable growth trajectory, beyond its immediate economic inoculation.
That’s a point we will continue to make in coming days and weeks, in both Canberra and state capitals.
The industry and the country look certain to be about to undergo a significant dislocation. It will be time for calm heads and a focus on what’s important: our people and getting set for the recovery.