Recessionberg readies tiny stimulus

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Via The Australian:

Scott Morrison has jettisoned the budget surplus to fund a corona­virus stimulus package of almost $10bn in a bid to stave off a ­recession.

Treasurer Josh Frydenberg conceded in meetings last week the forecast $5bn surplus this ­financial year would need to be sacrificed for a “substantial” fiscal package to ­inject short-term cash into the economy, The Australian has learned.

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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.