Australian PM sets out efforts to bring “out the economy out of ICU”

Australian Prime Minister Scott Morrisson says it is important to “get the economy out of the ICU” and “off the medication” before it becomes too accustomed to it.

He described the plans in a statement to the National Press Club which released on his official PM website.

His government plans to reset economic growth over the next three to five years, Morrison says, “We must enable our businesses to earn our way out of this crisis. That means focusing on the things that can make our businesses go faster.”

The Prime Minister outlines principles that will guide the pursuit of a “JobMaker plan for a new generation of economic success”.

“As we reset for growth, our JobMaker plan will be guided by principles that we as Liberals and Nationals have always believed in, to secure Australia’s future and put people first in our economy.

The points were taken directly from his text-speech.

“Firstly, we will remain in Australia an outward-looking, open, and sovereign trading economy.

“We will not retreat into the downward spiral of protectionism. To the contrary, we will continue to be part of global supply chains that can deliver the prosperity we rely on to create jobs, support incomes and build businesses.”

“Our economic sovereignty will be achieved by ensuring our industries are highly competitive, resilient and able to succeed in a global market. Not by protectionism.”

While a trading nation, we will never trade away our values or our future for short-term gain.

With trade, alliance and other partners we will work to establish and maintain the balance needed for peace and stability in our region that upon which everyone’s prosperity depends.

Secondly, is the principle of caring for country, a principle that indigenous Australians have practiced for tens of thousands of years.

It means responsible management and stewardship of what has been left to us, to sustainably manage that inheritance for current and future generations.

We must not borrow from generations in the future, from what we cannot return.

This is as true for our environmental, cultural and natural resources as it is for our economic and financial ones.

Governments therefore must live within their means, so we don’t impose impossible debt burdens on future generations that violates that important caring for country principle.

Thirdly, we must seek to leverage and build on our strengths.

An educated and highly-skilled workforce that supports not just a thriving and innovative services sector, but a modern, competitive and advanced manufacturing sector.

Resources and agricultural sectors that can both fuel and feed large global populations, including our own, and support vibrant rural and regional communities.

A financial system that has proved to be one of the most stable and resilient in the world.

World-leading scientists, medical specialists, researchers and technologists. An emerging space sector. And so much more.

Fourthly, we must always ensure that there is an opportunity in Australia for those who have a go, to get a go. This is our Australian way. Access to essential services, the incentive for effort, respect for the principles of mutual obligation.

Ensuring equal opportunities for those in rural and regional communities to be the same as those in our cities and our suburbs.

All translated into policies that seek not to punish those who have success but devise ways for others to achieve it.

And then there’s the fifth principle, what I like to call the Sir Peter Blake principle, I spoke to Jacinda Ardern this morning, doing what makes the boat go faster.

“To strengthen and grow our economy, the boats we need to go faster are the hundreds of thousands of small, medium and large businesses that make up our economy and create the value upon which everything else depends.”

Scott Morrisson  says almost 100,000 Australians have written to him in the past couple of months.

“So many have suffered and they continue to hurt, right here and right now – lost jobs, reduced hours, seeing their family businesses shut, having to close those doors, or retirement incomes shrink. Loved ones kept apart.

“It has been a time of great uncertainty as Australians have had to come to terms with the sudden and profound changes happening to their lives.”