Business
Heroic assumptions in budget omit one major threat: a global debt crunch – Sydney Morning Herald
A former Coalition leader warns a pandemic-induced debt crisis cannot be ruled out, and Australia will not be immune.
The main challenge the known unknown, to borrow from former US defence secretary Donald Rumsfeld is just how our economy will transition from direct wage support provided by JobKeeper, presently supporting the wages of some 3.5 million workers, or more than a quarter of the workforce, to indirect support through personal tax cuts and various business incentives.
The budget assumes JobKeeper will be phased out by next March, even though there is still considerable debate about whether this will …
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