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Government failing to recognise parts of the economy are still doing it tough : Chalmers

Shadow Treasurer Jim Chalmers has accused the Morrison government of failing to recognise that significant parts of the Australian economy are doing it tough despite IMF figures suggesting it is among one of the best-placed COVID-19 economies. The IMF upgraded its global growth outlook but claimed recovery remained uncertain and was largely dependent on the success of the vaccine and its rollout. Mr Chalmers claimed wages growth had remained flat throughout the duration of the Coalition government's time in office. "We need to recognise there are significant parts of our economy which are still struggling," he said. "They need to not be in a rush to declare victory over this recession when the IMF and others have all pointed to the fact that there is still a lot of uncertainty, particularly in the labour market."

A look back at a year that rocked markets and the global economy

A look back at a year that rocked markets and the global economy ABC Business 27/12/2020 By business reporters Rachel Pupazzoni and Stephanie Chalmers, graphics by Alistair Kroie © Provided by ABC Health The COVID-19 pandemic didn t only cause a health crisis it shut economies down (ABC News: Alistair Kroie) The health crisis caused by COVID-19 was a once-in-a-century event, and so too was the economic fallout. Millions of jobs were lost and countless businesses went into hibernation, with many not making it out the other side. Equity markets hit record highs and posted historic plunges, with volatility surpassing the peak of the global financial crisis.

Will ScoMo ride Covid wave to early election?

The received wisdom is that governments in Queensland, the Northern Territory, the ACT and in New Zealand were all recently returned because of their incumbency during a crisis. So strong is that belief that whispers of an early federal election - despite the Morrison Government s own 7 per cent unemployment rate and a $1.1 trillion debt - are now open chatter. After all, the Coalition still leads Labor by two points after preferences, and Scott Morrison leads Labor s Anthony Albanese as preferred prime minister by 32. It s therefore not a question of whether the Coalition can win a federal election today but rather by how much. So when will that election be?

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