Drawing on his Doing less with less research, CPD research director Christopher Stone discusses what contributed to Australia’s avoiding recession during the global financial crisis. He outlines the importance of the fiscal stimulus package, and what other factors may have contributed to Australia’s success.
“While free-market ideologues continue to offer commentary that dismisses the efficacy of the stimulus package during the GFC and talks of the endless waste of big government, the economic reality is that Australia avoided recession, prevented mass unemployment and has an economy today that is the envy of the developed world – partly because of timely government intervention in a slowing global economy.”
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