There are many stories out there on COVID-19 and its impact on Australia and the world at large – but we thought we would draw your attention to this one by The Australian’s Paul Kelly (pictured above), who was previously its Editor-in-Chief.
Titled ‘Coronavirus: Australia unites for war on home soil’, Mr Kelly reflects on the Government’s newly announced $130 billion JobKeeper package.
His conclusion? Many Australians today will never see a budget surplus again during their life.
However, he argues that the Government is moving fast to make decisions where they are required and the Australian scheme is superior to those in the UK and New Zealand.
More importantly, Mr Kelly says the Government has learnt three key messages from the crisis so far: stay flexible and don’t be afraid to change your mind; get the policy design right; and be bold.
He points to the fact that a Liberal Government has effectively “smashed its traditional economic stances” to come up with this policy represents a fundamental shift.
“Amid the crisis, there are encouraging omens. The institutions are shrugging off their jackets of complacency. The parliament is being responsible. The national cabinet invokes a spirit of astonishing federal-state engagement. The Reserve Bank has risen to the challenge. The banks, aware they are on trial, have pledged to support business and householders.”
Mr Kelly concludes:
“There are terrible times coming. But a crisis such as this can change a nation and its psychology. The critical question – too early to answer – is how this crisis will change Australia.”
“The last decade of the 29-year recession-free cycle has been a time of both social and economic underperformance, indulgent polarisation, second-rate policy, third-rate debate, weak productivity, brainless celebrity obsession and a creeping culture of individual narcissism.”
“One fiscal package cannot change that. But in a crisis, there are signs of hope, a new determination … and a sharing of sacrifice.”
It will be hoped that the Government will apply the same speed and ingenuity when the aged care sector requires further funding to deal with this crisis.
