I have an op-ed that appeared in the AFR online today and will be in print tomorrow on the JobKeeper program.
The bottom line is that we as a nation simply cannot afford to pay people to sit at home and not produce. Now some economists will tell us that JobKeeper is a transfer and not a cost and so we have nothing to worry about. Others might tell us that public debt doesn’t really matter because we’re really just borrowing from ourselves. Whatever. The economy is not a perpetual motion machine running on fairy dust or unicorn farts.
The economic challenge that we now face is getting Australians back to work. Sit-down money had a place in securing our health – but won’t help in the next phase of recovery.