'Simply put, businesses need to have enough confidence to invest and hire staff and consumers need the confidence to spend rather than save.' | OPINION
The government's ad nauseam reminders it is focusing its attention on jobs growth might sound like a broken record but it is actually part of the solution. Some of how we feel about the position we're in will undoubtedly be improved by a boost to the jobless rate, not to mention that getting shovels into the ground and ribbons cut on new projects is a highly visible adrenaline shot to the nation.
Morrison and Frydenberg will need to show new levels of courage and grit. They are going to need to spend - even more than has been so far - and to deal with the deficit that comes with it. The Grattan Institute recently revised the amount of fiscal stimulus it thinks is needed to between $100 billion and $120 billion, up from $70 billion to $90 billion estimated in June, and estimate this could shave 2 per cent off the unemployment rate by 2022 to about 5 per cent.
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