Recessionberg delivers massive stimulus FAIL
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Yesterday was good day for the Aussie economy, via The Australian:
Australians will be handed an immediate $15 billion in tax cuts in a bid to boost the economy, drive retail sales and create new jobs, after parliament last night rubber-stamped Scott Morrison’s signature $158 billion tax relief package.
The combined effect of instant tax cuts and consecutive interest rate reductions to a record 1 per cent was hailed by business leaders and economists as a major economic stimulus that would increase consumption rates and help Australians pay off mortgages faster.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.