New lending laws are pitched as reducing barriers to credit to support the economy but the treasurer's "borrower responsibility" principle pre-dates the pandemic.
Australia's suppression strategy requires dropping Covid-19 deaths to a politically acceptable level, not breaking the health or aged care systems, and record deficits.
Treasury's advice supports the Morrison government's belated backflip on wage subsidies as it walks away from a "snapback".
The new financial year brings a data bonanza, tax cuts, legally proper virtual meetings, and some timely funding extensions.
Prime Minister Scott Morrison declared “COAG is no more” but the reality of federation means much of its brains trust will remain.
Millions of Australians face a September cliff edge where current government and bank support cuts out but the Morrison government has a plan for a plan.
Energy and resources firms hold the line against the Covid-19 shutdown, while regulators ease up on reform.
Everything is being thrown at the Covid-19 crisis as the Morrison government abandons policy orthodoxy to prevent another great depression.
The pandemic response depends on banks and payment systems. On that there is consensus.
The rapid pivot from timid stimulus to survival mode depends on critical infrastructure. On that there is consensus.
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