ANALYSIS: The bitter pill Australians should swallow to see us through this crisis
totalling $5 billion reversed the downward trend in the first week of April.
However, the effect of the one-off stimulus payments is likely to be temporary as higher-income earners, who didn't receive a stimulus payment, continued to reduce their spending. If people are spending less because there are fewer opportunities to spend, this novel aspect of the crisis reduces the likelihood a temporary increase in the income tax levy would have any negative economic effect.Right now the costs of the COVID-19 crisis are being disproportionately borne by a small proportion of the population — the 700,000 Australians who have lost their jobs and about the same number relying on the JobKeeper wage subsidy.
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