WORLD_ DEADLY China CORONAVIRUS PANDEMIC_ Coronavirus Australia: Where is the stimulus money coming from?

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Coronavirus Australia: Where is the stimulus money coming from?

Suddenly the Government has been spending up a storm, dropping billions in virus stimulus packages – but where is this money really coming from?

Jason Murphy @jasemurphy
13 comments
news.com.au
April 17, 2020 8:04am



Video:
Deputy Prime Minister Michael McCormack says the $130 billion JobKeeper package announced by the government will provide 'historic wage subsidies to over six million workers'....


The Australian Government is suddenly spending up a storm.

After dropping $18 billion in its first stimulus package, and $66 billion in its second package, it’s suddenly put the foot to the floor and announced an extra $130 billion in the third package. Then that’s been topped up with another billion for childcare.

As they say, “A few hundred billion here, a few hundred billion there, soon you’re talking real money!”

All this spending is designed to keep the current recession from being too sharp or going on too long. Nevertheless, it has some people nervous. Are we spending too much?

Permit me to reassure you. We can afford this. If needed, we can spend even more.

As the next chart of historic data shows, Australia’s public debt has been very high in the past – peaking in the Second World War, before falling to be far lower before the Global Financial Crisis. (Note, this chart stops in 2008.)


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Australian Government public debt (at June 30). Picture: SuppliedSource:Supplied

Our net national debt looks modest compared to other countries. It is just 18 per cent – far lower than in the USA, where the comparable figure is around 100 per cent; or Japan, where net debt is 150 per cent of Gross Domestic Product (GDP).


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READ MORE: https://www.news.com.au/finance/economy/australian-economy/coronavirus-australia-where-is-the-stimulus-money-coming-from/news-story/2cb7d48622d1ba8a6fc113ba0d00732f


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