During the dark days of the global financial crisis – back when we really had no idea how dark days could get – Australia’s top economic bureaucrats coined a phrase to describe the three criteria for effective government stimulus. Known as the “three Ts” test, it stipulated that dollars unleashed must be “timely, targeted and temporary”. Behind closed doors, then Treasury secretary Ken Henry surmised it more colourfully: “Go early, go hard, go households.
On March 22, he loosened the purse strings again, unleashing $66 billion more stimulus, including the $550 per fortnight Coronavirus supplement for welfare recipients, a second $750 cash payment for pensioners, arrangements for early access to superannuation and an expansion of the cash-flow boost for business – bringing the cost of that scheme to more than $30 billion.Two days later, Morrison shut pubs, clubs and gyms.
But the virus, of course, fought back and associated lockdowns are once again threatening the jobs and livelihoods of a still largely unvaccinated nation. So, is it time to resuscitate JobKeeper?You have to remember JobKeeper was designed in considerable haste at a time when we didn’t know if it would even be possible to invent a vaccine against the new scourge of coronavirus. The risks of going overboard seemed minor compared with the potential risks of not going hard enough.
Jess_Irvine And to think all this could have been avoided with a sound, well-stocked vaccination plan from a competent Federal government. 🙄
Jess_Irvine Great way to loose an election, but I suppose it's too late to change direction...
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Source: SkyNewsAust - 🏆 7. / 78 Read more »