Friday, June 24, 2022

Australia will recover from lockdown, but at ‘people’s expense’: Shark Tank investors

Tech investor and star of the reality TV series Shark Tank, Steve Baxter, says Australia’s economy will face repeated COVID-19 lockdowns, but argues the restrictions will leave a lasting mark on communities and small businesses.

Speaking to The Epoch Times, Baxter said that while the economic recovery was likely, he doubted whether the same small business owners would continue.

“You know, there is real damage happening here, and it doesn’t heal easily. It is important not to underestimate it. It will come back, but it will definitely be different,” he said.

Baxter said the business environment has changed as many companies have gone online for many businesses, but noted that; “It’s coming at the cost of the people.”

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A tram construction site is closed in the central business district of Parramatta in Sydney, Australia, on July 31, 2021. (Lisa Marie Williams/Getty Images)

“You know, the value shifting to Amazon and Microsoft and everyone else in it, that doesn’t help the businesses that used to be on Main Street (small retail businesses),” he said. “Well, you can say: ‘That’s just how things go.’ But this is a huge amount of social upheaval in a very short period of time.”

“It doesn’t come free to a society,” he warned. “It’s not free for the population in terms of mental and health, but there’s also civil unrest. We have to be really careful. We’ve become value-shifted to a group of people who, in large part, are in this country. don’t pay tax.”

Baxter said there were parallels with Prime Minister Scott Morrison’s unexpected election victory in 2019, which was partly attributed to voter resistance against progressive policies – proposed by Labor – aimed at curbing mining activities.

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“People only talk about shutting down all these industries that they don’t like, essentially, extractive industries,” he said. “They didn’t know there were people out there. They weren’t pieces of wood to be pushed onto the chessboard. They were the people who really made their own decisions and, more importantly, voted.”

His remarks follow protests by thousands of Australians in Sydney, Melbourne and Brisbane against the COVID lockdown restrictions. While previous rallies in Sydney had only a few hundred attendees, recent protests have seen numbers increase dramatically.

lockdown protest
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Thousands of protesters march through the streets of Sydney’s central business district on July 24, 2021. (Steven Sapphore/AFP via Getty Images)

Greater Sydney was under a five-week lockdown due to the outbreak of the delta version of the CCP (Communist Party of China) virus, commonly known as the novel coronavirus. The government extended this lockdown for another four weeks on July 28, citing low vaccination rates.

The Institute of Public Affairs estimates that the lockdown costs the state of New South Wales 10,000 jobs per day.

Mental health and suicide prevention service Lifeline Australia also recorded the most calls on 2 August due to Sydney and Brisbane lockdowns.

Despite the damage COVID restrictions cause businesses, the move has helped state leaders win over public opinion, with many Australians crediting them with “handling the pandemic”.

Over the past year, incumbent prime ministers in Queensland, Western Australia, Tasmania and the Northern Territory have won decisive electoral victories despite some leaders presiding over struggling voters.

Baxter said the federal government’s JobKeeper program helped reinforce the notion that the lockdown was a sustainable and viable response to the pandemic.

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A normally busy High Street is seen empty on August 09, 2021 in Penrith, Sydney, Australia. (Lisa Marie Williams/Getty Images)

“Jobkeeper was the worst thing this country has ever done,” he said. “Jobkeepers gave people the impression that we could do it all.”

JobKeeper was a one-year program that ran from March 2020 to March 2021 and offered multiple fortnightly support payments to businesses and employees across the country. The estimated cost of the program was $90 billion.

However, the federal government’s full response to the pandemic was estimated at $311 billion and the country’s debt would expand to $2 trillion by 2024-25 (80 percent of GDP). It does not include accumulated debt of states and territories.

“We’re kicking off the financial impact 20 years down the road, aren’t we?” Baxter said. “It’s our kids who are going to pay for it.”

“If the current generation of young people hate (baby boomers) what they have done and valued for the housing market, wait until they start paying this bill. another reason. “

Yug Times Photos
Yug Times Photos
A masked pedestrian walks behind a poster of the film Cruella in the Australian city of Melbourne on August 6, 2021, amid the city’s sixth lockdown (Con Cronis/AFP via Getty Images)

Baxter said governments needed to encourage Australians to learn to “live with the virus” as continued efforts to eliminate transmission were impossible.

“At some point the conversation requires that even when we reach the vaccination threshold, we are going to have those infections and deaths. And if we can’t get people used to it, there is no way out of it,” he said. “Well, there is, and that’s when people stop lending us money.”

Daniel Y.  tango


This News Originally From – The Epoch Times

Nation World News Desk
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