The federal Treasurer is warning all states and territories economic support from the Commonwealth will not continue at its current scale as vaccination goals are met. 

The unemployment rate fell to 4.6 per cent for the month of July – the lowest rate in 12 years.

Treasurer Josh Frydenberg told Neil Breen the numbers indicate “the economy can bounce back very strongly once restrictions are eased”.

As national coronavirus vaccination rates continue to inch toward the 70 per cent goal, Mr Frydenberg says he’s “made it very clear” federal economic crisis support will begin to taper off.

“The Premiers and the Chief Ministers agreed with the Prime Minister on a pathway out of this crisis.

“Once we get there, we’re told by the Doherty Institute that lockdowns, stringent lockdowns, are unlikely, that the transmissibility of the virus reduces, and the number of people subject to serious illness also substantially reduces.”

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