Tax cuts and industrial relations reform won’t ship a restoration from a recession that will however remodel the longest in virtually 40 years.
There are worrying indicators that an ideologically blinkered authorities is just not going to pursue the type of demand-focused insurance coverage insurance policies which is likely to be needed to get Australia out of what is likely to be an extended recession.
Whereas yesterday’s 7% contraction for the June quarter was a bit worse than forecasters anticipated, it lacked the type of psychological impression opposed quarters usually have. We’re all painfully aware of what’s been taking place since March, and we moreover know the Morrison authorities has labored onerous, and effectively, to offset the worst impacts of lockdown.
Nonetheless a opposed September quarter, signalling the longest recession given that Fraser-Howard double dip/four quarter epic of 1982-83, may very well be one factor else.