'More pressure than in living memory': The inside story of our coronavirus response | Jess_Irvine
Meanwhile, Treasury and the government spent March designing and unleashing multiple waves of multi-billion dollar stimulus packages, culminating in the historic JobKeeper announcement in late March.
Some criticised the government for moving more slowly than other countries to implement a job subsidy scheme like JobKeeper. Kennedy also urged the subsidy should go to all workers in firms affected by COVID-19, not just stood down, or furloughed, workers, as in other countries. “Perhaps, upon reflection, I should have been better in my communication around…the sheer uncertainty about how these things would cost; how they would wax and wane with circumstances as they unfolded.”
With Treasurer Josh Frydenberg set to deliver a federal budget on October 6, Kennedy says the need for further stimulus is clear. Amid talk of a “fiscal cliff”, as temporary support payments are withdrawn and banks start to restart mortgage repayments, Kennedy says household savings run up during COVID-19 will remain an important cushion in coming months.“We have actually put an enormous amount of money into the pockets, into the balance sheets effectively, of households and businesses... So it’s not just the cliff. The money will continue to flow out in a smoother way than what the fiscal estimates suggest.
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