The Grattan Institute has released new research showing that Australia’s stimulus response to the Wuhan coronavirus is now the second largest in the developed world behind the United States when measured against GDP:
Australia’s announced measures to date represent 9.5 per cent of GDP. At the top of the table is the United States, at 9.9 per cent. Japan is at 6.7 per cent and, as Chart 1 shows, New Zealand, the United Kingdom, and Canada have all committed more than 4.5 per cent of GDP.
The Australian Government’s fiscal response so far amounts to more than $7,700 per Australian. This does not include about $15 billion worth of measures by the state and territory governments…
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
