Fiscal stimulus needed to fight economic impact of coronavirus

The Reserve Bank of Australia has done what it can to cushion the economy from the outbreak of coronavirus. Now it is time for the federal government to step up.t was necessary and some would argue the RBA should have acted sooner.

Unless something is done, the unemployment rate will rise from its already uncomfortable level of 5.3 per cent and businesses will collapse.The cut in interest rates, which it seems banks will pass on in full to their customers, will help break that cycle by putting cash in people’s pockets.At a time of weak consumer confidence and uncertainty, most people will simply use the money to get ahead on their mortgage repayments.

Having spent the past decade attacking the ALP's cash splash during the global financial crisis, he would not even use the word “stimulus”.

LOWER TAXES

Out of ammo.

If the coronavirus Authorities have the Occupation Health and Safe authority, culture of very low health hygiene standards, it can only becomes really bad. It's the reflection of my evidences experience about Worksafe conducted behaviour. No good for Workers and public.

Let the money printing begin. It was highly successful in Weimar Germany and Zimbabwe!

Race to the bottom.

Govt KNEW THIS A YEAR AGO that the economy was slowing, AustralianLabor and Business were calling it out and the do nothin LNP did nothin

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Coronavirus and bushfires will allow govt ‘to wiggle out of surplus pledge’ | Sky News AustraliaThe Australian economy is “robust (and) it is resilient” but the impacts of the coronavirus and bushfires will let the Morrison government “wiggle out” of its proposed surplus pledge, according to Economics Fellow from UNSW Tim Harcourt.\n\nRecently, Deputy Prime Minister Michael McCormack conceded the economic fallout from the coronavirus 'will have an impact' on whether the government can deliver a surplus this year. \n\nWhile, the government has retreated from previous predictions it would deliver a budget surplus in May after Treasurer Josh Frydenberg revealed the financial impact of the coronavirus would be worse than the bushfires.\n\n“It’s pretty tough for tourism at the moment,” Mr Harcourt told Sky News host Chris Smith. \n\n“I think in some ways the coronavirus (and) the bushfire crisis can let Scott Morrison and Josh Frydenberg wiggle out from this surplus pledge, this ‘back in black’ pledge”. \n\n“They really can let that go now and I think the Australian people would forgive them for having a stimulus package right now to avoid adverse economic impact from the bushfires and the coronavirus”. \n\nImage: News Corp Australia Stupid angle I mean I wouldn't put it past them to cut a whole bunch of things last minute to stick to their pithy marketing pledge. It matters not anyway.
Source: SkyNewsAust - 🏆 7. / 78 Read more »