How big is the fiscal cliff now?

Mid last year, many economists (including us) were concerned about the ‘fiscal cliff’ facing the Australian economy once various coronavirus stimulus support payments were pulled-back.

Over $154 billion has been paid out to households so far, including $81 billion in JobKeeper payments, $18.7 billion from the JobSeeker Coronavirus Supplement and $35.9 billion in early superannuation withdrawals.

The early superannuation policy already ended on 31 December and JobKeeper and the JobSeeker Coronavirus Supplement, which have already been lowered, are scheduled to end in around six weeks time.

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