Q&A: July 27

Following recent economic statements, Q&A looks at the financial impact of the pandemic.

The pandemic has already taken a terrible economic toll and the recovery will take longer than first predicted.

Treasurer Josh Frydenberg says we are in the “fight of our lives”, with Australia recording the largest budget deficit in modern history.

The Government’s JobKeeper payment is to be extended until March next year, but with reduced payments for staff, and businesses having to prove their turnover is down more than 30%.

Melbourne is back in lockdown, and Sydney bracing for more restrictions, so will the reduced subsidies be enough to keep businesses afloat? The JobSeeker supplement will remain in place until the end of the year, but with payments reduced by $300 a fortnight.

So who will benefit, who will lose out, and will it be enough to keep our hardest hit sectors going?

How long can the assistance go on for? And what is the most sustainable way out of this recession?

Joining Hamish on the panel live:

Bill Bowtell, Adjunct Professor, UNSW and Strategic Health Policy Adviser
Gigi Foster, Economist, UNSW
George Megalogenis, Author and journalist
Cassandra Goldie, CEO of Australian Council of Social Service
Karen Soo, Executive Officer at the Haymarket Chamber of Commerce

9:35pm Monday on ABC.