It’s easy get the impression the massive government spending and deficits and debt required by the pandemic are new.
It would be understandable, because much of what happened before the 1980s has been forgotten.
Yet for almost all of the years since Federation – almost every one – the Commonwealth budget has been in deficit, right through til the late 1980s.
And it has hurt us not at all.
- ^ Centric Wealth (assets.documentcloud.org)
- ^ NLA Trove (trove.nla.gov.au)
- ^ Full Employment in Australia, (www.billmitchell.org)
- ^ Snowy Mountains Scheme (www.environment.gov.au)
- ^ Keynesian economics (www.investopedia.com)
- ^ Memories. In 1961 Labor promised to boost the deficit to fight unemployment. The promise won (theconversation.com)
- ^ neoliberal (www.investopedia.com)
- ^ Charter of Budget Honesty (cdn.theconversation.com)
- ^ fiscal strategy (budget.gov.au)
- ^ Frydenberg is setting his budget ambition dangerously low (theconversation.com)
- ^ 1997 (archive.budget.gov.au)
- ^ Commonwealth budget, 2019-20 (budget.gov.au)
- ^ new fiscal strategy (ministers.treasury.gov.au)
- ^ Bernie Sanders' economic adviser has a message for Australia we might just need (theconversation.com)
- ^ inequality grew (www.acoss.org.au)
- ^ no longer have an effect (www.abc.net.au)
- ^ used to suggest (www.economicshelp.org)
- ^ Modern Monetary Theory (theconversation.com)
- ^ Bill Mitchell (bilbo.economicoutlook.net)
- ^ Noel Pearson (www.theaustralian.com.au)
- ^ The Deficit Myth (blogs.lse.ac.uk)
- ^ hell of a fight (findingmoneyfilm.com)
Authors: Steven Hail, Lecturer in Economics, University of Adelaide