Prime Minister Scott Morrison throws back to 2016 to start his speech.
“We must take action to strengthen our economic resilience to deal with the shocks that will inevitably come – to get debt under control,” he said as treasurer in 2016.
This, the outbreak of COVID-19, is the kind of shock the government was preparing for, he says.
Mr Morrison then asks the private to do its part to aid the economic recovery, arguing that “all Australians have a role” but that large businesses’ responsibilities are “huge”.
His call to business includes: paying supplier invoices on or ahead of time, providing for employees and continuing to invest.
“How you support your customers, suppliers and employees during the next six months will say more about your company, your corporate values and the integrity of your brand than anything else you could possibly do otherwise,” Mr Morrison says.
He thanks the big 4 banks for passing on the 25 basis point interest cut to consumers.