National fiscal policy response to the Great Recession

Last updated

Beginning in 2008 many nations of the world enacted fiscal stimulus plans in response to the Great Recession. These nations used different combinations of government spending and tax cuts to boost their sagging economies. Most of these plans were based on the Keynesian theory that deficit spending by governments can replace some of the demand lost during a recession and prevent the waste of economic resources idled by a lack of demand. The International Monetary Fund recommended that countries implement fiscal stimulus measures equal to 2% of their GDP to help offset the global contraction. [1] In subsequent years, fiscal consolidation measures were implemented by some countries in an effort to reduce debt and deficit levels while at the same time stimulating economic recovery.

Contents

Americas

United States

In 2008 the United States Congress passed—and then-President George W. Bush signed—the Economic Stimulus Act of 2008, a $152 billion stimulus designed to help stave off a recession. The bill primarily consisted of $600 tax rebates to low and middle income Americans. [2]

The United States combined many stimulus measures into the American Recovery and Reinvestment Act of 2009, a $787 billion bill covering a variety of expenditures from rebates on taxes to business investment. $184.9 billion was to be spent in 2009, and $399.4 billion was to be spent in 2010 with the remainder of the bill's appropriations spread over the rest of the decade. [3] Announcements of rescue plans were associated with positive returns whereas a public intervention in favor of a specific bank showed negative impacts. [4]

Asia

China

A statement on the government's website said the State Council had approved a plan to invest 4 trillion yuan in infrastructure and social welfare by the end of 2010. [5] [6] This stimulus, equivalent to US$586 billion, represented a pledge comparable to that subsequently announced by the United States, but which came from an economy only one third the size. [7] The stimulus package will be invested in key areas such as housing, rural infrastructure, transportation, health and education, environment, industry, disaster rebuilding, income-building, tax cuts, and finance. [8]

China's export driven economy started to feel the impact of the economic slowdown in the United States and Europe, and the government had already cut key interest rates three times in less than two months in a bid to spur economic expansion.

The stimulus package was welcomed by world leaders and analysts as larger than expected and a sign that by boosting its own economy, China is helping to stabilize the world economy. World Bank President Robert Zoellick declared that he was ‘delighted’ and believed that China was ‘well positioned given its current account surplus and budget position to have fiscal expansion.' [7] News of the announcement of the stimulus package sent markets up across the world. [9]

Japan

In April 2009 Japan announced a third stimulus plan of 15.4 trillion yen stimulus ($153 billion). This new plan includes 1.6 trillion yen investment in low-carbon technology, 1.9 trillion yen on employment programs, and 370 billion yen for new car subsidies. [10] The legislature responded to a request from Prime Minister Taro Aso for a stimulus that equal to 2% of GDP. Japan has been one of the hardest hit nations during the recession, having already experienced a lost decade when economic growth stagnated. [11] Japan's total stimulus amounts to 5% of its GDP. Since taking office, Prime Minister Aso has passed 25 trillion yen ($250bn) in stimulus. [12] Japan has basically exhausted its conventional monetary policy options with a near zero nominal interest rate. [13]

South Korea

South Korea ₩ 14 trillion (equivalent to ₩16.74 trillionor US$ 14.81 billion in 2017) [14] stimulus package in November 2008. The November package includes 4.6 trillion won for regional infrastructure and 3 trillion won in tax break—mainly for factory investment. South Korea's stimulus totaled [15]

In April 2009 South Korea enacted a "cash for clunkers" program that will give a tax break of ₩ 2.5 million (equivalent to ₩2.91 millionor US$ 2,572.15 in 2017) [14] to drivers who replace a car nine years old or older with a new car. [16] The tax break will be in effect from May to December 2009 and is estimated to boost Hyundai sales from 530,000 to 580,000 and Kia sales from 327,000 to 357,000. [17]

South Korea's 2009 budget includes $13bn in employment stimulus including handouts, training, and infrastructure. South Korea's total stimulus in 2008-2009 amounts to about ₩ 69 trillion [18] (equivalent to ₩80.25 trillionor US$ 70.99 billion in 2017) [14] .

Europe

European Union

The European Union passed a 200 billion euro plan with member countries developing their own national plans, worth 170bn to 200bn euro in total, and an EU-wide plan of 30bn euro coming from EU funding. [19] The European Commission recommends that member nations' stimulus plans amount to at least 1.2% of GDP.

In subsequent years, some European Union countries have undertaken fiscal consolidation. [20]

Germany

Compared to other European nations, Germany was in a unique position: It had low debt, a high balance of trade, and an export driven economy. The recession led to a decline in German exports, but Germany had the capacity to replace some of the export demand with domestic stimulus. [21] The Germans were initially hesitant to pass a large stimulus bill; however, in 2009, the Germany passed a 50bn euro stimulus bill that focused on taxes, a child tax credit, and spending on transportation and education. [22] Prior to the 2009 stimulus, one of Germany's largest stimulus efforts had been a scrappage program. The German stimulus program included a "cash for clunkers" program that offers rebates of $3,172 to Germans who scrap their old cars for new, more efficient models. [23] The program totals about 5 billion euros. [24]

Hungary

Hungary has a high level of debt and cannot effectively raise the money needed for deficit spending. They have unveiled a $7bn package of tax cuts and loan guarantees directed towards businesses, especially small and medium-sized enterprises. [25]

The Netherlands

In November 2008 the Dutch government passed a 6bn euro plan that mainly consisted of tax breaks for businesses that made larger investments and hired short-term workers. The package also included a new program to help find work for the unemployed, [26] and faster public sector investment. [19] In January 2009 the Dutch added a variety of guarantees to help ensure and encourage exports, corporate loans, and home and hospital construction. [19]

United Kingdom

In 2008 the United Kingdom was one of the major economies leading calls for fiscal action to stimulate aggregate demand. Throughout that year a number of fiscal measures were introduced including a £145 tax cut for basic rate (below £34,800 pa earnings) tax payers, a temporary 2.5% cut in Value Added Tax (Sales Tax), £3 billion worth of investment spending brought forward from 2010 and a variety of other measures such as a £20 billion Small Enterprise Loan Guarantee Scheme. [27] The total cost of these measures, mostly announced in the November 2008 Pre-Budget Report was roughly £20 billion (not counting loan guarantees). [28] Further limited measures worth £5 billion were unveiled in the 2009 budget including training help for the young unemployed and a "car scrappage" scheme which offered £2,000 in subsidy for a new car purchase for the scrapping of a car more than 10 years old (similar to schemes in Germany and France). [29]

After 2008 the UK was limited in its ability to take discretionary fiscal action by the significant burden that bank bail-outs had on public finances. This contributed to a significant rise in the deficit to an estimated £175 billion (12.4% of GDP) in 2009-10 and a rise in the national debt above 80% of GDP at its peak. [29] Nonetheless, the UK has significant automatic stabilisers which contributed far more than discretionary action and more than most other countries. [30] As a result, further discretionary fiscal action was limited.

In 2010 the UK began a fiscal consolidation program after the Labour government's fiscal stimulus package was withdrawn and the new Conservative–Liberal Democrat coalition government implemented spending cuts and increases in indirect taxation. Additional fiscal consolidation measures continued under the Conservative government elected in 2015. [31]


Oceania

Australia

A school in Australia with signage proclaiming the works as part of the "Economic Stimulus Plan" KiallaCentralPrimarySchoolStimulusPackage.JPG
A school in Australia with signage proclaiming the works as part of the "Economic Stimulus Plan"

First stimulus

In October 2008, the Rudd government implemented a A$10 billion stimulus package with the support of the Senate crossbench. The package included: [32]

  • $4.8 billion direct payments to pensioners (single pensioners-$1400, pensioner couples-$2100)
  • $3.9 billion for low and middle income; families ($1000 per child)
  • $1.5 billion 'Home Buyers Boost' to help first home buyers
  • $187 million to create 56,000 new training places in 2008-09
  • Accelerate three nation-building funds and investment in nation building projects to 2009

Second stimulus

In February 2009, the Rudd government implemented a A$42 billion 'Nation Building and Jobs Plan' stimulus package again with the support of the Senate crossbench. The package included: [33]

  • $12.7 billion for immediate one-off payments to working Australians, families with school-age children, farmers, single income families and for those undergoing training (A$900 for the average single worker)
  • $14.7 billion to be spent on the Building the Education Revolution program which built school infrastructure and maintenance and brought forward funding for trade training centres
  • $6.6 billion to increase the national stock of public and community housing by about 20,000
  • $3.9 billion to provide free insulation to 2.7 million homes and solar hot water rebates
  • $2.7 billion in small and general business tax breaks to provide deductions for some equipment purchases before the end of June 2009.
  • $890 million to fix regional roads and blackspots, to install railway boom gates and for regional and local government infrastructure.

Third stimulus (Budget 2009-10)

Outcome

Australia avoided recession and its growth figures were internationally very high, whilst unemployment remained comparatively low, despite net public sector debt remaining substantially low. [34] [35] [36] It has been disputed as to whether fiscal policy actually helped Australia avoid recession however, with sources citing high NGDP growth, [37] healthy trading partners, a responsible banking industry, no housing collapse, a booming population, [38] and the Australian mining boom. [39]

The packages were praised by various business groups, economists, the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD). [40] [41] [42] [43] [44]

Related Research Articles

<span class="mw-page-title-main">National debt of the United States</span>

The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies. The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit, while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities. In general, government debt increases as a result of government spending and decreases from tax or other receipts, both of which fluctuate during the course of a fiscal year. There are two components of gross national debt:

<span class="mw-page-title-main">Austerity</span> Economic policies intended to reduce government budget deficits

In economic policy, austerity is a set of political-economic policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both. There are three primary types of austerity measures: higher taxes to fund spending, raising taxes while cutting spending, and lower taxes and lower government spending. Austerity measures are often used by governments that find it difficult to borrow or meet their existing obligations to pay back loans. The measures are meant to reduce the budget deficit by bringing government revenues closer to expenditures. Proponents of these measures state that this reduces the amount of borrowing required and may also demonstrate a government's fiscal discipline to creditors and credit rating agencies and make borrowing easier and cheaper as a result.

<span class="mw-page-title-main">Fiscal policy of the United States</span>

Fiscal policy is any changes the government makes to the national budget to influence a nation's economy. "An essential purpose of this Financial Report is to help American citizens understand the current fiscal policy and the importance and magnitude of policy reforms essential to make it sustainable. A sustainable fiscal policy is explained as the debt held by the public to Gross Domestic Product which is either stable or declining over the long term". The approach to economic policy in the United States was rather laissez-faire until the Great Depression. The government tried to stay away from economic matters as much as possible and hoped that a balanced budget would be maintained. Prior to the Great Depression, the economy did have economic downturns and some were quite severe. However, the economy tended to self-correct so the laissez faire approach to the economy tended to work.

<span class="mw-page-title-main">United States federal budget</span> Budget of the U.S. federal government

The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 98 percent of gross domestic product (GDP) in 2020 to 195 percent by 2050.

<span class="mw-page-title-main">History of the United States public debt</span>

The history of the United States public debt started with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after the country's formation in 1776. The United States has continuously had a fluctuating public debt since then, except for about a year during 1835–1836. To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined.

The economic policy and legacy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008, and the Great Recession that followed. Economic performance during the period was adversely affected by two recessions, in 2001 and 2007–2009.

<span class="mw-page-title-main">Great Recession</span> Global economic decline from 2007 to 2009

The Great Recession was a period of marked general decline observed in national economies globally, i.e. a recession, that occurred from late 2007 to 2009. The scale and timing of the recession varied from country to country. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations.

<span class="mw-page-title-main">Chinese economic stimulus program</span> Government Plan

The 2008–09 Chinese economic stimulus plan was a RMB¥ 4 trillion stimulus package aiming to minimize the impact of the financial crisis of 2007–2008 on the Chinese economy. It was announced by the State Council of the People's Republic of China on 9 November 2008. The economic stimulus plan was seen as a success: While China's economic growth fell to almost 6% by the end of 2008, it had recovered to over 10% by in mid-2009. Critics of China's stimulus package have blamed it for causing a surge in Chinese debt since 2009, particularly among local governments and state-owned enterprises. The World Bank subsequently went on to recommend similar public works spending campaigns to western governments experiencing the effects of the financial crisis, but the US and EU instead decided to pursue long-term policies of quantitative easing.

The European recession is part of the Great Recession that began in mid-2007. The crisis spread rapidly and affected much of the region, with several countries already in recession as of February 2009, and most others suffering marked economic setbacks. The global recession was first seen in Europe, as Ireland was the first country to fall into recession from Q2-Q3 2007 – followed by temporary growth in Q4 2007 – and then a two-year-long recession.

While beginning in the United States, the Great Recession spread to Asia rapidly and has affected much of the region.

On 26 November 2008, the European Commission proposed a European stimulus plan amounting to 200 billion euros to cope with the effects of the global financial crisis on the economies of the members countries. It aims at limiting the economic slowdown of the economies through national economic policies, with measures extended over a period of two years.

<span class="mw-page-title-main">Stimulus (economics)</span> Attempts to use monetary or fiscal policy to stimulate the economy

In economics, stimulus refers to attempts to use monetary policy or fiscal policy to stimulate the economy. Stimulus can also refer to monetary policies such as lowering interest rates and quantitative easing.

The economic policy of the Barack Obama administration, or in its colloquial portmanteau form "Obamanomics", was characterized by moderate tax increases on higher income Americans designed to fund health care reform, reduce the federal budget deficit, and decrease income inequality. President Obama's first term (2009–2013) included measures designed to address the Great Recession and subprime mortgage crisis, which began in 2007. These included a major stimulus package, banking regulation, and comprehensive healthcare reform. As the economy improved and job creation continued during his second term (2013–2017), the Bush tax cuts were allowed to expire for the highest income taxpayers and a spending sequester (cap) was implemented, to further reduce the deficit back to typical historical levels. The number of persons without health insurance was reduced by 20 million, reaching a record low level as a percent of the population. By the end of his second term, the number of persons with jobs, real median household income, stock market, and real household net worth were all at record levels, while the unemployment rate was well below historical average.

<span class="mw-page-title-main">European debt crisis</span> Multi-year debt crisis in multiple EU countries since late 2009

The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, was a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone member states were unable to repay or refinance their government debt or to bail out over-indebted banks under their national supervision without the assistance of third parties like other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).

<span class="mw-page-title-main">Greek government-debt crisis</span> Sovereign debt crisis faced by Greece (2009–2018)

Greece faced a sovereign debt crisis in the aftermath of the financial crisis of 2007–2008. Widely known in the country as The Crisis, it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis. In all, the Greek economy suffered the longest recession of any advanced mixed economy to date. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country.

<span class="mw-page-title-main">United Kingdom national debt</span> Total quantity of money borrowed by the Government of the United Kingdom

The United Kingdom national debt is the total quantity of money borrowed by the Government of the United Kingdom at any time through the issue of securities by the British Treasury and other government agencies.

Political debates about the United States federal budget discusses some of the more significant U.S. budgetary debates of the 21st century. These include the causes of debt increases, the impact of tax cuts, specific events such as the United States fiscal cliff, the effectiveness of stimulus, and the impact of the Great Recession, among others. The article explains how to analyze the U.S. budget as well as the competing economic schools of thought that support the budgetary positions of the major parties.

<span class="mw-page-title-main">Deficit reduction in the United States</span> Economic policy debates and proposals designed to reduce the U.S. federal government budget deficit

Deficit reduction in the United States refers to taxation, spending, and economic policy debates and proposals designed to reduce the federal government budget deficit. Government agencies including the Government Accountability Office (GAO), Congressional Budget Office (CBO), the Office of Management and Budget (OMB), and the U.S. Treasury Department have reported that the federal government is facing a series of important long-run financing challenges, mainly driven by an aging population, rising healthcare costs per person, and rising interest payments on the national debt.

<span class="mw-page-title-main">Abenomics</span> Japanese economic policy since the 2012 re-election of Shinzo Abe as Prime Minister

Abenomics refers to the economic policies implemented by the Government of Japan led by the Liberal Democratic Party (LDP) since the December 2012 general election. They are named after Shinzō Abe, who served a second stint as Prime Minister of Japan from 2012 to 2020. Abe was the longest-serving prime minister in Japanese history. After Abe resigned in September 2020, his successor, Yoshihide Suga, has stated that his premiership will focus on continuing the policies and goals of the Abe administration, including the Abenomics suite of economic policies.

<span class="mw-page-title-main">Economic Stimulus Appropriations Act of 1977</span>

The Economic Stimulus Appropriations Act of 1977 was a stimulus package enacted by the 95th Congress and signed into law by President Jimmy Carter on 13 May 1977. Developed in response to the longest and deepest economic recession post World War II, the primary objective of the stimulus package was to provide the economy with a boost.

References

  1. ↑ Group of Twenty: Global Economic Policies and Prospects." http://www.imf.org/external/np/g20/pdf/031909a.pdf
  2. ↑ "Bush signs stimulus bill; rebate checks expected in May". CNN. 13 February 2008. Retrieved 19 May 2010.
  3. ↑ H.R. 1 Conference Agreement. (PDF) . Retrieved on 2010-07-20.
  4. ↑ Fratianni, Michele; Francesco Marchionne (2009). "Rescuing Banks from the Effects of the Financial Crisis". SSRN Working Paper. SSRN   1476786.
  5. ↑ Barboza, David (2008-11-10). "China unveils sweeping plan for economy". International Herald Tribune. Retrieved 2013-11-22.
  6. ↑ Paul Maidment. "China Announces Massive Stimulus Package". Forbes.com. Archived from the original on 2008-11-12. Retrieved 2008-11-11.
  7. 1 2 Can China Manage Its Economy?
  8. ↑ "China plans 10 major steps to spark growth as fiscal, monetary policies ease". News.xinhuanet.com. Archived from the original on November 13, 2008. Retrieved 2008-11-14.
  9. ↑ Lee, Don (2008-11-10). "China's $586-billion stimulus plan could boost world economy". The Los Angeles Times . Retrieved 2008-11-14.
  10. ↑ "Asian Stocks Advance on Japan Stimulus Plan, Chinese Lending". Bloomberg News . Archived from the original on 2012-10-24. Retrieved 2023-05-25.
  11. ↑ "Japan in 10 trillion yen stimulus". 2009-04-06. Retrieved 2023-05-24.
  12. ↑ "Aso to Unveil 15.4 Trillion Yen Japan Stimulus Plan (Update3) - Bloomberg". Bloomberg News . 2012-10-24. Archived from the original on 2012-10-24. Retrieved 2023-05-25.
  13. ↑ Eswar Prasad and Isaac Sorkin. "Assessing the G-20 Stimulus Plans: A Deeper Look." The Brookings Institution. March 2009. "Assessing the G-20 Stimulus Plans: A Deeper Look - Brookings Institution". Archived from the original on 2009-10-09. Retrieved 2009-04-07.
  14. 1 2 3 1906 to 1911: Williamson J. (1999), Nominal Wage, Cost of Living, Real Wage and Land Rent Data for Korea 1906-1939 1912 to 1939: Mizoguchi, T. (1972). Consumer Prices and Real Wages in Taiwan and Korea Under Japanese Rule . Hitotsubashi Journal of Economics, 13(1), 40-56. Retrieved May 21, 2021. Afterwards, consumer price index from Statistics Korea. Consumer Price Index by year. Retrieved 3 April 2018
  15. ↑ "South Korea Plans 14 Trillion Won Stimulus in 2009 (Update3) - Bloomberg". Bloomberg News . 2012-10-24. Archived from the original on 2012-10-24. Retrieved 2023-05-25.
  16. ↑ "South Korea offers tax break on old cars in stimulus bid." Agence France-Presse. 13 April 2009. http://www.etaiwannews.com/etn/news_content.php?id=918384&lang=eng_news
  17. ↑ "Hyundai Motor, Kia Shares Rise on Tax Breaks". koreatimes. 2009-04-13. Retrieved 2023-05-24.
  18. ↑ Seyoon Kim. "South Korea Plans to Spend Record 17.7 Trillion Won." Bloomberg. 24 March 2009. https://www.bloomberg.com/apps/news?pid=20601068&sid=a1nA3nYgmEdA&refer=home
  19. 1 2 3 "Home | CEPR". cepr.org. Retrieved 2023-05-24.
  20. ↑ "EU fiscal consolidation after the financial crisis: Lessons from past experiences". VOX CEPR's Policy Portal. 2 October 2010. Retrieved 2 February 2016.
  21. ↑ "Home | CEPR". cepr.org. Retrieved 2023-05-24.
  22. ↑ "Germany agrees 50bn euro stimulus". BBC News. 13 January 2009.
  23. ↑ "Germany's Auto-Woes Fix: Scrap That Clunker!". Time. 12 March 2009. Archived from the original on March 13, 2009. Retrieved 19 May 2010.
  24. ↑ "Die Bundesregierung informiert | Startseite". Die Bundesregierung informiert | Startseite (in German). 2023-05-21. Retrieved 2023-05-24.
  25. ↑ "UPDATE 2-Hungary plans $7 bln stimulus to fight slowdown - Forbes.com". Forbes . 2009-08-08. Archived from the original on 2009-08-08. Retrieved 2023-05-24.
  26. ↑ "Dutch move on $10 billion rescue program - CNN.com". CNN. 21 November 2008. Retrieved 19 May 2010.
  27. ↑ "Small business loan plan unveiled". BBC News. 14 January 2009. Retrieved 19 May 2010.
  28. ↑ "Darling unveils borrowing gamble". BBC News. 24 November 2008. Retrieved 19 May 2010.
  29. 1 2 "At-a-glance: Budget 2009". BBC News. 22 April 2009. Retrieved 19 May 2010.
  30. ↑ page 28 Archived 2009-07-10 at the Wayback Machine
  31. ↑ "Cutting the deficit: three years down, five to go?". The Institute for Fiscal Studies. 8 May 2013. Retrieved 2 February 2016.
  32. ↑ "Rudd's $10b golden goose - National - smh.com.au". www.smh.com.au. 14 October 2008.
  33. ↑ $42 billion spent to kickstart economy with Budget going into deficit and handouts for many: News.com.au 3 February 2009
  34. ↑ "The World Factbook — Central Intelligence Agency". www.cia.gov. Archived from the original on June 13, 2007.
  35. ↑ "Australia able to avoid recession". 3 June 2009 – via news.bbc.co.uk.
  36. ↑ "Kevin Rudd's BER bungle may have saved Australian economy: News.com.au 3 June 2010".
  37. ↑ "Agenda - A Journal of Policy Analysis and Reform: Volume 17, Number 2, 2010".
  38. ↑ "How Australia Ducked the Crisis". www.cbsnews.com. 2009-10-26. Retrieved 2023-11-07.
  39. ↑ http://www.theaustralian.com.au/business/opinion/how-mining-helped-australia-avoid-recession/story-e6frg9if-1225877644676 How mining helped Australia avoid recession
  40. ↑ Initial praise for Govt stimulus package - ABC News (Australian Broadcasting Corporation). Abc.net.au (2009-02-03). Retrieved on 2010-07-20.
  41. ↑ Stimulus packages can save Australia: IMF - National. BrisbaneTimes (2009-03-20). Retrieved on 2010-07-20.
  42. ↑ OECD praise for Canberra's stimulus package. Theage.com.au (2009-09-17). Retrieved on 2010-07-20.
  43. ↑ World News Australia - Stimulus package gets thumbs up. Sbs.com.au. Retrieved on 2010-07-20.
  44. ↑ Economists praise stimulus package. Businessday.com.au (2009-02-03). Retrieved on 2010-07-20.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.