The Australian’s Editor-at-Large Paul Kelly says the government’s revised fiscal strategy “reflects a new orthodoxy”, namely, that a fundamental change in economic policy was necessary to respond to Australia’s recession.
Treasurer Josh Frydenberg on Thursday revealed the government’s budget repair approach will be replaced with ongoing targeted and proportionate spending to drag Australia out of recession. In place of the previous fiscal strategy there will now be a two phase approach. The first is about boosting confidence and getting Australians back to work.
Mr Kelly told Sky News host Peta Credlin the budget reflects the views of the Treasury of the Reserved Bank, the regulators, Prime Minister Scott Morrison and Treasurer Josh Frydenberg “we needed a fundamental change in economic policy to respond to the recession.
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