TTF Media Release
Thursday, 23 July 2020
ECONOMIC UPDATE PROVIDES CLARITY SAYS TOURISM INDUSTRY
The tourism industry has welcomed the Federal Government’s Economic Update released today saying it provided some clarity on the nation’s economic position as Australia continues to navigate its way through the COVID-19 pandemic.
TTF CEO Margy Osmond said while the numbers painted a bleak picture on the impact of the pandemic on the economy, unemployment and the country’s debt levels it was pleasing to see that despite the gloomy outlook Australia is faring better than other developed countries according to the International Monetary Fund (IMF).
“At 45 per cent of GDP Australia’s projected debt ratio for 30 June 2021 is almost half that of other western economies and while that might seem like little comfort it does provide us with a better platform to ride out this crisis and get us back on the road to recovery,” Ms Osmond said.
“The extension of the JobKeeper subsidy until March 2021 announced earlier this week provided much needed certainty and will extend the lifeline for thousands of Australians in tourism as the industry, which has been among the worst affected, continues to battle its way through COVID-19.
“JobKeeper 2.0 will help to save thousands more tourism employees from the unemployment queue and keep them in jobs so that when we eventually come out the other side of COVID-19, we will be ready to move swiftly into the recovery phase.
“As our industry continues to battle the significant economic and health challenges ahead TTF will continue to work closely with the Government in the leadup to the October 6 Budget and beyond to the proposed March 2021 end date for JobKeeper 2.0 to identify ongoing support measures that will ensure the survival of one of Australia’s super growth industries.”
Contact: TTF Director of Corporate Affairs, Graeme Moses firstname.lastname@example.org 0434 569470