Aussie PM says ‘huge’ economic gains from Brexit are ‘overwhelming’
Posted September 05, 2018 08:30:02 AUSTRALIA’S prime minister says the country’s economy is “overwhelming” thanks to a “huge” economic boost from the Brexit vote.
Key points:The Government said a $20 billion investment package will help create 1.3 million jobs during the Brexit transition periodThe deal is expected to generate an additional $40 billion to $50 billion in tax revenue during the transition periodAustralia’s Treasurer Scott Morrison said the agreement will help to create more than 1.5 million jobs in Australia during the 12 months after the deal is signed, as part of the government’s efforts to get the economy back on track after the Brexit shock.
“This is a massive investment package that will create thousands of jobs in this country during the course of the transition,” Mr Morrison said.
“It is a very significant economic boost for our country, it is a huge investment for our economy, it will create millions of jobs, it’s going to be a huge boost for the economy.”
Mr Morrison said he hoped the agreement would help stimulate the Australian economy.
“We’re very much looking forward to getting our economy back in a good shape,” he said.
The Government is looking at a range of economic measures in the agreement to help boost growth during the period following the UK’s vote to leave the EU, including measures to boost the supply of foreign investment.
Mr Morrison also said the Government was “very much” looking at the possibility of introducing an excise tax on high-value exports such as luxury goods and pharmaceuticals.
“But we’re looking at some of those things right now,” he told ABC radio.
“And I think that’s going in the right direction, we have to, as we’ve said, look at the supply side of things.”
What we’re going to do is look at tax arrangements to get our economy moving again.
“Mr Abbott’s plan has already been endorsed by the Federal Government.
Mr Abbott said he was pleased with the announcement from the US, which has been a key partner in Australia’s transition.”
Our bilateral relationship with the United States has been hugely successful and we are pleased that they are now in a position to support this agreement,” Mr Abbott said.
He said Australia would also work with the US to help the Commonwealth in its transition to an independent federal government.”
The Commonwealth is going to have to have a plan to deal with the transition, and Australia is going.
We’re not going to get left behind,” Mr Abbot said.
Mr Abbot also said Australia’s trade deficit with the Commonwealth would remain relatively low, but said it would need to work hard to cut it.”
I don’t think we can be complacent, I think we’ve got to be very careful about our exports,” Mr Di Natale said.