Australia Recommits to Opening Up Economy by December

Published 04/09/2020, 01:47 pm
Updated 04/09/2020, 02:09 pm
© Bloomberg. A pedestrian walks past a closed bar in Melbourne on Sept. 1.

(Bloomberg) --

Australian Prime Minister Scott Morrison said most state and territory leaders have recommitted to opening up the economy by December, but failed to secure an immediate agreement to lift border restrictions that are crippling the economic recovery.

The nation has fragmented along state lines, with many leaders barring travel from the two most-populous states of New South Wales and Victoria due to community transmission of Covid-19. That’s complicating efforts to steer the economy out of its first recession in almost 30 years.

Morrison is pressing for the states to agree on a definition of Covid “hot spots” -- to enable borders to reopen but allow more targeted controls on inter-state travel. Seven out of the eight state and territory leaders recommitted to open up the economy by Christmas, something that was originally envisaged by the end of July. The state of Western Australia, the powerhouse of the nation’s resources industry, was the holdout.

“In the absence of a vaccine, we may have to live this way for years,” Morrison told reporters.

©2020 Bloomberg L.P.

© Bloomberg. A pedestrian walks past a closed bar in Melbourne on Sept. 1.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.