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 enough to prevent a recession, writes Gareth Hutchens. They were part of a small group of economists who provided the intellectual framework for Australia's policy response to the Great Depression, known as the "Premiers' Plan". But the economists had fought for their plan to be adopted ahead of alternative proposals, such as the proposal from Labor's Ted Theodore who thought Australia ought to pursue a £20 million public works programme, expand bank credit, expand unemployment relief, lower interest rates, and reduce the salaries of high income earners only.

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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 …

US Congress passes $900 bn stimulus package; relief measures necessary but insufficient, say economists
4 years ago

US Congress passes $900 bn stimulus package; relief measures necessary but insufficient, say economists

Firstpost  

The package will revive supplemental unemployment benefit for millions of unemployed Americans and provide for another round of $600 direct payments to adults and children Congress on Monday night approved a $900 billion stimulus package that would send billions of dollars to American households and businesses grappling with the economic and health toll of the pandemic. Though the $900 billion …

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 …

Young and low-income most likely to spend $750 coronavirus stimulus payments: ANZ economists
4 years, 4 months ago

Young and low-income most likely to spend $750 coronavirus stimulus payments: ANZ economists

ABC  

Younger Australians and low-income earners were most likely to boost their spending after getting a $750 stimulus payment from the Federal Government this year, ANZ economists say. Key points: The average monthly spending for a 15- to 29-year-old who received at least one $750 cash payment increased by 51 per cent in July The average monthly spending for a 15- …

How Australians spent their one-off $750 Federal government coronavirus stimulus payments
4 years, 4 months ago

How Australians spent their one-off $750 Federal government coronavirus stimulus payments

ABC  

Nearly a third of people who received the Federal Government's first COVID-19 stimulus payments saved the money, Australian Bureau of Statistics data shows. Key points: The survey of 2,600 people was conducted between May 10 and 23 The survey of 2,600 people was conducted between May 10 and 23 It revealed NSW residents were more likely to use the money …

Larry Kudlow Says Next Coronavirus Stimulus Draft Will Include A Second $1,200 Check
4 years, 5 months ago

Larry Kudlow Says Next Coronavirus Stimulus Draft Will Include A Second $1,200 Check

Huff Post  

LOADING ERROR LOADING As the financial fallout from the pandemic is set to enter a troubling new phase, White House economic adviser Larry Kudlow said a new coronavirus relief bill will include a second $1,200 stimulus payment for eligible Americans. “Don’t forget, there’s a $1,200 check coming that is going to be part of the new package.” If a stimulus …

Australia got its health response to COVID-19 right at a high price, but some feel the risks were overblown and the price tag too large
4 years, 7 months ago

Australia got its health response to COVID-19 right at a high price, but some feel the risks were overblown and the price tag too large

ABC  

The mathematicians are at it again. It's just that far more Australians would have died and our health system would have been stretched beyond capacity. While the supposed $60 billion accounting mistake technically should give the Federal Government more latitude, Prime Minister Scott Morrison until late last week was adamant all the employee payment subsidy and the doubling of unemployment …

Scott Morrison flags coronavirus stimulus for builders, amid reports scheme will include cash grants for home renos
4 years, 7 months ago

Scott Morrison flags coronavirus stimulus for builders, amid reports scheme will include cash grants for home renos

ABC  

The residential building industry and the arts are the focus of a new round of coronavirus economic stimulus being finalised by the Federal Government. Key points: Scott Morrison refused to be drawn on reports that cash grants for home renovations would be part of the scheme Scott Morrison refused to be drawn on reports that cash grants for home renovations …

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 …

Stimulus payments having 'profound impact' on households amid coronavirus pandemic
4 years, 8 months ago

Stimulus payments having 'profound impact' on households amid coronavirus pandemic

ABC  

The Federal Government's stimulus payments are having a "profound impact" on Australia's households, with a surge in unemployment payments more than offsetting the fall in income from job losses so far. Key points: The report found Gen Z and Millennials were most affected by income loss to date The payments have more than offset the reduction in household income from …

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 …

Scott Morrison to offer coronavirus wage subsidy to Australian businesses and workers
4 years, 9 months ago

Scott Morrison to offer coronavirus wage subsidy to Australian businesses and workers

ABC  

Businesses are expected to be paid a wage subsidy of up to $1,500 per employee, under a Federal Government plan to keep thousands of Australians in work during the coronavirus crisis. Key points: It is understood the payments will be backdated Josh Frydenberg said the Government was determined to keep as many Australians in jobs as possible The new scheme …

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 …

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 …

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 …

Senate Republicans unveil $1 trillion economic stimulus package to address coronavirus fallout
4 years, 9 months ago

Senate Republicans unveil $1 trillion economic stimulus package to address coronavirus fallout

CNN  

Washington CNN — Senate Republicans on Thursday formally rolled out a $1 trillion economic stimulus plan intended to deliver critical aid to US businesses and the American public. Senate Majority Leader Mitch McConnell called the plan “a bold legislative proposal” in remarks on the Senate floor, saying that he was “officially introducing the Coronavirus Aid, Relief and Economic Security Act.” …

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 COVID-19 WA stimulus package to freeze household fees and charges as 10 new cases recorded
4 years, 9 months ago

Coronavirus COVID-19 WA stimulus package to freeze household fees and charges as 10 new cases recorded

ABC  

WA Premier Mark McGowan has announced all household fees and charges — including electricity, water and vehicle registration — will be frozen as part of a major economic relief package to tackle the COVID-19 emergency, as the state reports a dramatic spike in new cases. Key points: The WA stimulus package targets households and businesses Fees and charges will remain …

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 …

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 …

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 …

Scott Morrison's stimulus package
4 years, 9 months ago

Scott Morrison's stimulus package

Daily Mail  

Stimulus payments to households to support growth · $4.8 billion to provide a one-off $750 stimulus payment to pensioners, social security, veteran and other income support recipients and eligible concession card holders. Delivering support for business investment · $700 million to increase the instant asset write off threshold from $30,000 to $150,000 and expand access to include businesses with aggregated …

Scott Morrison has announced $18 billion in economic stimulus, so what's in it for you?
4 years, 9 months ago

Scott Morrison has announced $18 billion in economic stimulus, so what's in it for you?

ABC  

Prime Minister Scott Morrison has announced $17.6 billion in stimulus measures in response to coronavirus. Here's what each will receive: Welfare recipients : an extra $750 per person : an extra $750 per person Small businesses with apprentices : up to $21,000 to keep apprentices in work through wage subsidies : up to $21,000 to keep apprentices in work through …

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 support package will see businesses get cash payments and tax relief to get them spending
4 years, 9 months ago

Coronavirus support package will see businesses get cash payments and tax relief to get them spending

ABC  

Businesses will get up to $25,000 and instant tax relief, while welfare recipients will be eligible for one-off cash payments as part of the Government's widely anticipated multi-billion-dollar coronavirus stimulus package. Key points: About 700,000 businesses will be able to get cash payments of between $2,000 and $25,000 The ABC understands there will also be cash payments targeted at welfare …

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 …

Scott Morrison must avoid a coronavirus-caused recession. Keeping jobs will be the measure of his success
4 years, 9 months ago

Scott Morrison must avoid a coronavirus-caused recession. Keeping jobs will be the measure of his success

ABC  

How quickly achieving the S-word — surplus — has gone down the S-bend. To settle a 12-year score with the Labor Party — which the Coalition accused of spending way beyond what was necessary to avoid recession during the global financial crisis — the Prime Minister wants to spend no more than is needed. Industries will be feeling impact of …

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 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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