Are we still in the eye of the COVID-19 storm?
As the rest of Australia watches the current situation in Melbourne, we should remember that such drastic actions, have been effective and necessary in flattening the
curve and controlling the spread of the virus.
Despite this, the past week has provided some positive information that will enable us to see through the fog of uncertainty created by a war against an invisible pathogen.
Although I find it difficult to say that life might never be the same again at least from a social perspective, we have indeed entered into a new era of economic management.
This past week Josh Frydenberg delivered a minibudget. We have been told JobKeeper and JobSeeker will be extended to March of next year. As a result, we are on track for government debt ballooning beyond $850b, albeit still relatively low compared to the rest of the world.
In summary, we have both the capacity and balance sheet to enact the most generous COVID-19 rescue package on the planet and our Government is not shy to use it in sparing us from the full brunt of the financial calamity resulting from the spread of the virus.