Published.
April 05, 2020 04: 53:14
The Federal government’s economic response to the coronavirus pandemic has been sweeping, consisting of payments for job candidates and “task keepers”, as well as wage subsidies and support for companies.
However just how huge is that costs?
And how does it compare to the stimulus plan that balance out the global financial crisis (GFC)?
This chart reveals twenty years of Commonwealth spending (past and projection), including both stimulus plans.
The very first stimulus, simply over 11 years ago, was Australia’s reaction to world markets collapsing in the middle of the GFC.
In total, the Rudd and Gillard governments invested $51 billion, much of it within a year.
Today, Prime Minister Scott Morrison, challenged with a far worse financial outlook thanks to the coronavirus pandemic, revealed a strategy that would dwarf that earlier reaction.
Throughout the GFC, Australia was among just