By December, ahead of the summer's fires and well before Chinese authorities first detected COVID-19, the expected surpluses had been trimmed by tens of billions of dollars. Still, the language about the budget and broader economic management was unchanged. Coffee mugs emblazoned with "back in black" were still on sale via the Liberal Party's website.
When Morrison made the comment, markets put the chance of the Reserve Bank cutting interest rates to a record low of 0.5 per cent at less than one-in-10. Not only did the RBA cut rates at its March 3 meeting, markets now believe the RBA will drop rates to 0.25 per cent next month. That's the point the central bank itself says it would considerThis week, Treasury secretary Steven Kennedy told a Senate committee the virus would strip at least 0.
Some infrastructure spending, such as grants direct to local councils that always have a shortlist of roads or footpaths that need repair, will also feature. Again, this was a part of the Rudd-Swan playbook. A slowing economy is also associated with an increase in unemployment . Then there is a lift in payments, such as unemployment support.
Such a declaration - which wouldn't be made until September 2, when the June quarter national accounts are released - would have a huge impact on consumer confidence. It would also be a blow to the government's claims to be a superior economic manager to Labor.One of the key reasons for the Rudd-Swan stimulus package was to avoid a recession out of fear it would lead to a downward spiral in consumer confidence that would flow through the economy.
. As Treasury and the Morrison government have noted, the coronavirus outbreak is having a different effect on the economy than the global financial crisis, which means the fiscal response must be different.
swrighteconomy
swrighteconomy 'We are focusing on ensuring that businesses stay in business' Corp welfare on top of farm welfare n sports rorts
swrighteconomy People can infect others before they realize something wrong with themselves. That’s happened again and again in countries. So, how about let people wear masks?
swrighteconomy what impacts? hotels' staffs r casual n they r using foreign workers from cooks to cleaners
swrighteconomy How about let people wear masks?
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Potential economic impact from coronavirus in Australia ‘very complex for any government to deal with’Professor Warwick McKibbin is a leading Australian economist and has forecasted how the new coronavirus could impact Australia's economy.
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