Coronavirus has forced politicians out of their ideological comfort zones
4 years, 9 months ago

Coronavirus has forced politicians out of their ideological comfort zones

ABC  

"The genesis of this economic shock," Treasurer Josh Frydenberg said on Thursday, "was outside of our control, but our response is not." The Government's economic package this week is remarkable as a sign of how far the coronavirus pandemic has forced politicians out of their ideological and rhetorical comfort zone. A political party that had been locked into its economic mantras and slogans for at least a decade had to leave them behind in the face of a slumping economy, even if the need to ensure the policy measures didn't look like Labor's global financial crisis response carried a little too much weight in the whole exercise. Economists are already warning Prime Minister Scott Morrison's stimulus package may not be enough to prevent a recession, writes Gareth Hutchens. Why Scott Morrison targeted welfare recipients with his stimulus package If you have made a claim for a welfare payment and it's successful, you'll get the Government's $750 cash payment.

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History of this topic

Govt's Stimulus Package for Economic Revival 'Inadequate': Par Panel
3 years, 5 months ago

Govt's Stimulus Package for Economic Revival 'Inadequate': Par Panel

News 18  

The stimulus package announced by the government for the revival of the pandemic-hit economy has been found to be “inadequate”, according to a Parliamentary panel report. The report of the department-related Parliamentary Standing Committee on Industry on the impact of COVID-19 pandemic on micro, small and medium enterprises sector has noted that in the process of economic recovery post-first wave …

Govt discussing Covid economic stimulus package for some sectors: Report
3 years, 7 months ago

Govt discussing Covid economic stimulus package for some sectors: Report

India Today  

The government is in the early stages of preparing a fresh Covid-19 economic relief package to tackle the impact of the second wave. The economic package is being prepared with an aim to support key sectors of the economy that have been hit by localised lockdowns during the second Covid-19 wave in the country, according to people quoted in a …

COVID delay: New coronavirus relief slipping past election
4 years, 2 months ago

COVID delay: New coronavirus relief slipping past election

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Liberal economist Jared Bernstein, who worked for Democratic presidential nominee Joe Biden in 2009 …

Greedy investors give the US Fed a thumbs down, eye more stimulus
4 years, 3 months ago

Greedy investors give the US Fed a thumbs down, eye more stimulus

Live Mint  

The US Federal Reserve has said that it would keep interest rates low at least until 2023. US equities “That interest rates would remain low for a prolonged period was already baked-in by the market. “So, markets always want more and while risk assets might love the intravenous drip of monetary stimulus, it is time to focus on policies that …

Government may look at second stimulus once COVID-19 infections ebb: Expenditure Secretary
4 years, 4 months ago

Government may look at second stimulus once COVID-19 infections ebb: Expenditure Secretary

The Hindu  

The government may look at introducing a second set of fiscal stimulus measures once the COVID-19 infections abate and the psychological fears in people’s minds ebb, a top Finance Ministry official said on Tuesday. The government has also observed that 40% of the cash transfers directly into the beneficiaries’ accounts recently have been saved and not spent, leading to a …

Underemployment the key symptom of the coronavirus recession
4 years, 7 months ago

Underemployment the key symptom of the coronavirus recession

ABC  

Anna Ludvik unloads equipment from the back of a ute as her partner, Jeremy Sims, runs through a verbal checklist. Add to the officially jobless the 700,000 people still "employed" on JobKeeper but with zero work, an unprecedented number who've had their work hours cut down, and half-a-million people who've dropped out of the labour force altogether, and you get …

Prime Minister Scott Morrison to warn of hard economic recovery post-coronavirus
4 years, 7 months ago

Prime Minister Scott Morrison to warn of hard economic recovery post-coronavirus

ABC  

An overhaul of vocational education focused on tradies and skilled workers will be at the centre of Government efforts to lead the Australian economy "out of ICU" following the COVID-19 crisis. Key points: Scott Morrison will use an address to the National Press Club to warn Australia faces grim times post-COVID-19 Scott Morrison will use an address to the National …

Coronavirus Outbreak: Govt's fiscal stimulus package 'hopelessly inadequate', says P Chidambaram
4 years, 7 months ago

Coronavirus Outbreak: Govt's fiscal stimulus package 'hopelessly inadequate', says P Chidambaram

Firstpost  

The Congress on Monday said the fiscal stimulus package announced by the government is “hopelessly inadequate” given the gravity of the economic crisis as it amounts to only Rs 1.86 crore, which is 0.91 percent of the GDP New Delhi: The Congress on Monday said the fiscal stimulus package announced by the government is “hopelessly inadequate” given the gravity of …

Coronavirus Outbreak: Govt’s economic stimulus package won't stop GDP from contracting in FY21, say analysts
4 years, 7 months ago

Coronavirus Outbreak: Govt’s economic stimulus package won't stop GDP from contracting in FY21, say analysts

Firstpost  

The government’s reform moves and stimulus package will only help the deeply-impacted growth process in the medium term of over three years and will not push up the GDP in the short term, analysts at two foreign brokerages said on Monday Mumbai: The government’s reform moves and stimulus package will only help the deeply-impacted growth process in the medium term …

Coronavirus | Congress decries ‘empty package, wrapped in speeches for over three days’
4 years, 7 months ago

Coronavirus | Congress decries ‘empty package, wrapped in speeches for over three days’

The Hindu  

Finance Minister Nirmala Sitharaman displayed “arrogance, ignorance and insensitivity” while giving out details of the economic stimulus package that has turned out to be a jumla, the Congress said on Thursday. Full coverage on coronavirus While the party’s chief spokesperson Randeep Surjewala called the stimulus package a jumla, senior leader Ahmed Patel said, “It is an empty package wrapped with …

White House economic adviser says additional coronavirus stimulus package might not be necessary
4 years, 8 months ago

White House economic adviser says additional coronavirus stimulus package might not be necessary

CNN  

CNN — White House economic adviser Kevin Hassett said that another round of coronavirus relief legislation might not be necessary, as Democrats push for Congress to provide more federal funding to cash-strapped state and local governments. “I think right now, because there’s been good news really, that the opening up is starting to happen faster than we expected, appears to …

Coronavirus Outbreak: Hope govt will announce stimulus packages to rebuild economy after lockdown extension, says Nasscom
4 years, 8 months ago

Coronavirus Outbreak: Hope govt will announce stimulus packages to rebuild economy after lockdown extension, says Nasscom

Firstpost  

Nasscom said it is imperative that people to adapt to this “new normal” and build in practices like social distancing in everyday lives over the next many months. IT industry body Nasscom on Tuesday said it is hopeful that the government will announce economic stimulus packages soon to help rebuild the economy even as the nationwide lockdown was extended till …

Economic policy: Conservatism rules
4 years, 8 months ago

Economic policy: Conservatism rules

The Hindu  

WITH the COVID-19 shock pushing a tanking economy into recession, an unusual response from the state was expected. The government’s policy response cannot but entail a sharp increase in expenditure to cope with the medical fallout and the “sudden stop” in a wide range of economic activities that the virus attack has imposed. It is also true that while the …

Half a billion people could be pushed into poverty by coronavirus economic fallout, study finds
4 years, 9 months ago

Half a billion people could be pushed into poverty by coronavirus economic fallout, study finds

ABC  

The impact of the COVID-19 pandemic on the global economy could see as many as 580 million people — 8 per cent of the world's population — pushed into poverty, according to researchers. Key points: Researchers say even on a conservative estimate, the pandemic could drive 100 million people into extreme poverty Consecutive Australian Governments have cut the foreign aid …

Australia's coronavirus spending to protect economy dwarfs the GFC stimulus package
4 years, 9 months ago

Australia's coronavirus spending to protect economy dwarfs the GFC stimulus package

ABC  

The Federal Government's economic response to the coronavirus pandemic has been sweeping, including payments for job seekers and "job keepers", as well as wage subsidies and support for businesses. By comparison, Mr Morrison's response to coronavirus will be worth an estimated 3.3 per cent of Australia's gross domestic product this budget year — and 6.1 per cent next year. How …

We're learning a great deal about Scott Morrison from how he's handling the coronavirus
4 years, 9 months ago

We're learning a great deal about Scott Morrison from how he's handling the coronavirus

ABC  

As COVID-19 transforms our individual lives, we are learning a few new things about ourselves as a society. When people were asked how they rated the Government's response to the outbreak, 45 per cent said it was good — not a majority but well above those who rated it as poor. But we can hypothesise that while Australians generally have …

Trump ignored White House economists' warning of devastating impact of pandemic months ago: report
4 years, 9 months ago

Trump ignored White House economists' warning of devastating impact of pandemic months ago: report

Raw Story  

A study by the Council of Economic Advisers ordered by the National Security Council predicted that a pandemic similar to the 1918 Spanish flu or the 2009 swine flu could lead to a half-million deaths and cost the economy as much as $3.8 trillion. "Tens of millions of people could become ill, with many requiring hospitalization; and a significant number—especially …

US Congress passes USD 2 trillion stimulus package to sail through coronavirus crisis
4 years, 9 months ago

US Congress passes USD 2 trillion stimulus package to sail through coronavirus crisis

India TV News  

The US Congress on Friday passed the historic USD 2 trillion rescue package to help the Americans and secure the country's economy ravaged by the coronavirus pandemic that has infected over 94,000 people across the nation. The bill among other things gives USD 3,400 for most of the American families of four, and billions of dollars’ worth of financial assistance …

Democrats block bailout for Big Oil in coronavirus stimulus package
4 years, 9 months ago

Democrats block bailout for Big Oil in coronavirus stimulus package

Salon  

After more than a week of squabbling over what should go into the third coronavirus relief package, the White House and Senate leaders reached a compromise on Tuesday night. In the days leading up to this near-final bill, much of the debate centered around Democrats' attempts to include certain green provisions, like support for the struggling renewable energy industry, and …

America's $US2 trillion coronavirus emergency cash bill has passed the Senate, but the fight isn't over
4 years, 9 months ago

America's $US2 trillion coronavirus emergency cash bill has passed the Senate, but the fight isn't over

ABC  

With millions of people's financial futures at stake, US senators and the Trump administration have struck an agreement on a $US2 trillion package to help the US economy manage the impact of coronavirus. Stay up-to-date on the coronavirus outbreak Download the ABC News app and subscribe to our range of news alerts for the latest on how the pandemic is …

10 Things to Know for Today
4 years, 9 months ago

10 Things to Know for Today

Associated Press  

Your daily look at late-breaking news, upcoming events and the stories that will be talked about today: 1. ‘WE HAVE A DEAL’ The White House and Congress agree on a $2 trillion emergency bill to rush aid to businesses, workers and a health care system slammed by the coronavirus pandemic. PANDEMIC EXACERBATES ANXIETY DISORDER Providers say treatment can be tricky …

The two extremes of our coronavirus response explain why Morrison and the premiers don't always agree
4 years, 9 months ago

The two extremes of our coronavirus response explain why Morrison and the premiers don't always agree

ABC  

As the latest round of social directives sinks in and Australians tussle with the question of why they can only invite three people to their wedding but nine to their squat challenge in the park, the better question to ask is a broader one. So anything a state leader can do to "flatten the curve" is not only in the …

Coronavirus stimulus package worth $84 billion passed without objection by Parliament
4 years, 9 months ago

Coronavirus stimulus package worth $84 billion passed without objection by Parliament

ABC  

The Federal Parliament has rushed through $84 billion in financial support for workers, students and businesses affected by the coronavirus outbreak, before wrapping up for a five-month-long break. Key points: The bills were passed late on Monday night without objection in the House The first direct payments won't be made until April 27 Parliament won't resume until August, while the …

Scott Morrison's coronavirus stimulus package shows he has finally learnt to love deficits
4 years, 9 months ago

Scott Morrison's coronavirus stimulus package shows he has finally learnt to love deficits

ABC  

Finally, we're getting serious. After an insipid first-round economic boost that lasted all of four days before even the Government deemed it inadequate, the co-ordinated response from the Prime Minister, the Reserve Bank and even the Big Four banks in the past few days at last has held out some hope. Add to that a looming global recession as simultaneous …

Government's $66 billion coronavirus stimulus package seeks to keep businesses afloat and workers employed
4 years, 9 months ago

Government's $66 billion coronavirus stimulus package seeks to keep businesses afloat and workers employed

ABC  

A $66 billion economic lifeline is being thrown at Australians as the nation braces for an end to life as it knows it, amid a looming coronavirus lockdown of the worst hit parts of the country. The Prime Minister has announced a second-stage $66 billion economic stimulus package and urged people to cancel all non-essential travel in a bid to …

Coronavirus pandemic prompts Federal Government to delay budget until October
4 years, 9 months ago

Coronavirus pandemic prompts Federal Government to delay budget until October

ABC  

The Federal Government is postponing its May budget and introducing measures to thin crowds in Australia's bars, restaurants and other indoor venues because of the coronavirus pandemic. Mr Morrison said National Cabinet, which includes the Prime Minister, premiers and chief ministers, would also force indoor venues to limit crowds to one person per 4 square metres to reduce the spread …

Governments are pumping trillions into their economies. But some people could still be left out
4 years, 9 months ago

Governments are pumping trillions into their economies. But some people could still be left out

CNN  

CNN — As the coronavirus pandemic freezes populations in lockdown and pushes the world towards recession, a number of major governments have unveiled unprecedented stimulus packages. But “there are clearly people that are left out” from many of the bill’s contents, Elise Gould, a senior economist at the Washington DC-based Economic Policy Institute, told CNN. The American Hotel & Lodging …

Coronavirus must make Boris Johnson wake up – real people, not abstract ‘growth’, must be our economic priority
4 years, 9 months ago

Coronavirus must make Boris Johnson wake up – real people, not abstract ‘growth’, must be our economic priority

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. The stimulus announced by the government …

Congress and White House say blowing up deficit not a concern for coronavirus stimulus
4 years, 9 months ago

Congress and White House say blowing up deficit not a concern for coronavirus stimulus

CNN  

CNN — Lawmakers and the White House are putting aside any concerns about blowing up the deficit as they consider a trillion-dollar stimulus package to boost the economy in response to coronavirus. Treasury Secretary Steve Mnuchin emerged from a meeting with Senate Republicans Tuesday saying the Trump administration’s proposal would “inject a trillion dollars into the economy.” And Senate Democratic …

White House Requests $1 Trillion In Economic Stimulus To Fight Coronavirus Effects
4 years, 9 months ago

White House Requests $1 Trillion In Economic Stimulus To Fight Coronavirus Effects

NPR  

White House Requests $1 Trillion In Economic Stimulus To Fight Coronavirus Effects AILSA CHANG, HOST: One trillion dollars - that is how much money the Trump administration is asking Congress to give them to fight the economic devastation brought on by the coronavirus. They include chief economics correspondent Scott Horsley, congressional correspondent Kelsey Snell and, last but certainly not least, …

Prime Minister Scott Morrison reportedly designing second stimulus package to deal with coronavirus
4 years, 9 months ago

Prime Minister Scott Morrison reportedly designing second stimulus package to deal with coronavirus

Daily Mail  

The Australian government is designing a second stimulus package amid fears coronavirus will cause economic damage lasting a decade. Scroll down for video The Australian government is reportedly designing a second stimulus package amid fears coronavirus will cause economic damage lasting a decade. Prime Minister Scott Morrison and his Liberal deputy, Treasurer Josh Frydenberg, last week unveiled a $17.6billion spending …

Scott Morrison considering further economic measures as coronavirus fears mount for aged care residents
4 years, 9 months ago

Scott Morrison considering further economic measures as coronavirus fears mount for aged care residents

ABC  

Key cabinet ministers are coming together to consider urgent economic measures as Australia contends with the spread of coronavirus. Key points: Scott Morrison is seeking to reassure Australians about coronavirus, as panic buying continues Special shopping hours have been announced for the elderly and people with disabilities Medical chiefs are meeting to discuss ways they can protect senior Australians from …

Coronavirus fallout could take Australian economy decade to recover from, KPMG says
4 years, 9 months ago

Coronavirus fallout could take Australian economy decade to recover from, KPMG says

ABC  

Australia's economy could take almost a decade to recover from the coronavirus fallout even after being cushioned by the Federal Government's $17.6 billion stimulus, according to a report out this morning. Key points: KPMG said in the best case scenario, Australia's economic growth would decline by 0.9 per cent in 2020 This, even with the Federal Government's stimulus measures, amounts …

Scott Morrison's 'f-word' misread the public mood on the coronavirus pandemic
4 years, 9 months ago

Scott Morrison's 'f-word' misread the public mood on the coronavirus pandemic

ABC  

"Which of you understood the coronavirus was going to occur when we handed down the Budget last year?" Economists are already warning Prime Minister Scott Morrison's stimulus package may not be enough to prevent a recession, writes Gareth Hutchens. What's more, Bowtell says the Prime Minister and every other Cabinet Minister who came into contact with the now-infected Home Affairs …

How will Scott Morrison's coronavirus response be remembered in the annals of economic history?
4 years, 9 months ago

How will Scott Morrison's coronavirus response be remembered in the annals of economic history?

ABC  

You can never be sure if the policies you choose to fix an economic crisis will work. Why Scott Morrison targeted welfare recipients with his stimulus package If you have made a claim for a welfare payment and it's successful, you'll get the Government's $750 cash payment. Economists are already warning Prime Minister Scott Morrison's stimulus package may not be …

Scott Morrison urges coronavirus calm as scale of pandemic's impact remains unclear
4 years, 9 months ago

Scott Morrison urges coronavirus calm as scale of pandemic's impact remains unclear

ABC  

The Prime Minister has warned of greater uncertainty to come but says the Government has "a clear plan" for Australia as the nation continues to come to terms with the impacts of coronavirus. Key points: The Government says it is well prepared for the impacts of the virus Treasurer Josh Frydenberg is not ruling out further stimulus spending The Federal …

Coronavirus stimulus package must head off recession and history has lessons for the Government
4 years, 9 months ago

Coronavirus stimulus package must head off recession and history has lessons for the Government

ABC  

Let's hope it won't come to this, but handling the coronavirus might eventually make dealing with the global financial crisis look rather a doddle. Questions without answers Will the Government's mega $17.6 billion stimulus package be sufficiently big and well targeted to head off an Australian recession? That was the obvious question when on Thursday Scott Morrison had to eat …

Economy suffering from 'coronavirus', PM must give statement in Parliament: Cong
4 years, 9 months ago

Economy suffering from 'coronavirus', PM must give statement in Parliament: Cong

India TV News  

The Indian economy was suffering from "coronavirus", the Congress said on Thursday and demanded a detailed statement in Parliament from Prime Minister Narendra Modi on the economic decline of the country. The opposition party also alleged that the State Bank of India's slashing of interest rates on savings bank accounts and fixed deposits was aimed at funding the revival of …

Billions of dollars pumped into coronavirus-hit economy in bid to stave off recession, Scott Morrison announces
4 years, 9 months ago

Billions of dollars pumped into coronavirus-hit economy in bid to stave off recession, Scott Morrison announces

ABC  

The Federal Government has announced a $17.6 billion economic stimulus package in a bid to keep Australians in jobs as the economy takes a hit from the spread of coronavirus. Key points: The Government will pump $11 billion into the economy between now and July Welfare recipients will get $750, and there will be tax breaks for small businesses The …

Coronavirus is unpredictable and moving quickly, so will Prime Minister Scott Morrison's stimulus package be up to the job?
4 years, 9 months ago

Coronavirus is unpredictable and moving quickly, so will Prime Minister Scott Morrison's stimulus package be up to the job?

ABC  

Prime Minister Scott Morrison's economic stimulus package is designed to do three things: support confidence, boost investment and keep Australians in a job. Morrison had been hoping his $17.6 billion stimulus package would provide some confidence to investors, and stem the bleeding on the stock exchange, but his announcement was overwhelmed by Trump's decision and Australia's share market ended up …

How the Government plans to spend $2.4 billion protecting Australians against coronavirus
4 years, 9 months ago

How the Government plans to spend $2.4 billion protecting Australians against coronavirus

ABC  

Up to 100 coronavirus fever clinics will be set up and a new Medicare item created to deliver health advice remotely, as part of a new $2.4 billion Federal Government package designed to help protect Australians against coronavirus. Key points: Scott Morrison says the package will ensure Australia is as well prepared as anywhere in the world Some doctors have …

Scott Morrison says impact of coronavirus for Australia could be bigger than global financial crisis
4 years, 10 months ago

Scott Morrison says impact of coronavirus for Australia could be bigger than global financial crisis

ABC  

The economic impact of coronavirus on Australia could be greater than that of the global financial crisis, the Prime Minister has warned, as he prepares to unveil a stimulus package designed to stop Australia from sliding into recession. Key points: The Government's fiscal response aims to protect the budget and economy during the coronavirus crisis The stimulus package will be …

Column: Trump’s tax cuts aren’t enough to address the crisis. We need a viral New Deal
4 years, 10 months ago

Column: Trump’s tax cuts aren’t enough to address the crisis. We need a viral New Deal

LA Times  

The continuing spread of the novel coronavirus raises two interrelated questions about America’s ability to deal with the unfolding crisis. Cohn suggested that fiscal stimulus be targeted at gig workers and employees in the service sector — “cinemas, airlines, taxis — that aren’t getting paid or who have lost jobs.” He also argued, quite properly, that the government should make …

Coronavirus will test our politicians, but it could also be Scott Morrison's shot at redemption
4 years, 10 months ago

Coronavirus will test our politicians, but it could also be Scott Morrison's shot at redemption

ABC  

It's not often, in an economic crisis, that policymakers are contemplating dealing simultaneously with supply, demand, and confidence shocks. So much revolves around confidence As the Morrison Government contemplates putting together a policy response — and one which it can keep adjusting if it needs to over some months — it is facing the same questions as governments all around …

Coronavirus fight might include income support, tourism stimulus to save economy
4 years, 10 months ago

Coronavirus fight might include income support, tourism stimulus to save economy

ABC  

As coronavirus continues to spread globally, the form of the Morrison Government's economic stimulus package is beginning to take shape. "Implicit in what Treasury said this week — how the virus will take 0.5 percentage points off growth in the March quarter — means that's a hole of at least $10 billion," Mr Richardson said. Trying to stop Aussie 'bubble' …

New calculations show coronavirus will sap $34 billion dollars from economy, prompting need for urgent stimulus
4 years, 10 months ago

New calculations show coronavirus will sap $34 billion dollars from economy, prompting need for urgent stimulus

ABC  

As the impact of COVID-19 takes hold, the head of Australia's Department of Treasury has flagged an urgent need for targeted stimulus, as new modelling shows $34 billion could be wiped from Australia's economy this year. Key points: The head of Treasury said the negative impact of bushfires and coronavirus would be larger than economic growth in the previous quarter …

Government's economic plan for coronavirus to be announced ahead of May Budget
4 years, 10 months ago

Government's economic plan for coronavirus to be announced ahead of May Budget

ABC  

The Federal Government's plan to shield the economy from the coronavirus fallout will be announced ahead of the May Budget, the Prime Minister has confirmed. Key points: The plan has been kept under wraps, but Mr Morrison says the details will be revealed in the next two months Mr Morrison refused to answer questions about whether the coronavirus outbreak and …

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