Business
Now we’ll need $100-$120 billion. Why the budget has to spend big to avoid scarring – The Conversation AU
Unless we get unemployment down quickly young Australians will wear the scars of the recession for a decade.
Australia is in for a long and damaging economic slump, unless governments inject substantially more fiscal stimulus.
The July budget update forecast that unemployment would hit 9.25% in coming months.
The Treasury now apparently expects it to remain above 6% for the next half-decade.
That would be a disastrously sluggish recovery as slow as the recovery after the 1990s recession, now widely seen as a failure of economic management.
It would be a slower recovery in unemployment than Australi…
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