Victoria’s Stage 4 lockdown to cost Australia $9billion and another 400,000 jobs – as Scott Morrison reveals $12million cash splash to help mental health
Stage four restrictions in Victoria will cost the national economy around $9billion
Stage four restrictions in Victoria will cost the national economy up to $9billion in the September quarter, Prime Minister Scott Morrison said today.
Around $6billion to $7billion will be lost in Victoria while the remainder will be lost in other states due to confidence and supply chain impacts, Mr Morrison said.
Treasury expects that the stage four restrictions will put between 250,000 and 400,000 out of work.
The national unemployment rate is due to hit 10 per cent before December, higher than the previously predicted 9.25 per cent.
And the effective unemployment rate, which includes people not looking for work, will increase from 11 per cent to above 13 per cent.
Mr Morrison gave the grim updates as he announced $12million new funding for mental health services.
The Prime Minister also announced that taw enforcement agencies will be given boosted powers to tackle the dark web under a $1.7 billion federal government cybersecurity plan.
The change will allow the Australian Federal Police and Australian Criminal Intelligence Commission to identify individuals and their networks engaging in serious criminal internet activity.
Mr Morrison said the record $1.66 billion spend would help cybersecurity become a fundamental part of everyday life.
‘We will protect our vital infrastructure and services from cyber attacks. We will support businesses to protect themselves so they can succeed in the digital economy,’ he said.
‘We will track criminals in the darkest corners of the internet to protect our families and children.’
The plan also involves bolstering the cybersecurity of small and medium sized businesses and universities and helping families become more cyber aware.
It will also give $66 million towards a study of vulnerabilities in Australia’s major critical infrastructure and $67 million to improve collaboration between cybersecurity centres.
Currently the AFP and ACIC can only collect communications in relation to an investigation of a particular person or device, connected with a specific offence, under warrant.
But the dark web and encrypted communications apps make identifying suspects extremely difficult.
The new laws to be put to federal parliament would give the AFP and ACIC easier access to the computers used by criminals.