Back in February — when coronavirus seemed to be something only happening in China — Queensland's auditor-general handed down a report on state finances.Yes, Queensland's level of debt over the next four years was presently sustainable.
Although we will still hear variations of these themes over the next three months, the parties may find they're not cutting through as much as they did in the past. Griffith University economist Professor Fabrizio Carmignani said cutting back government spending now would plunge the economy into even greater recession, and therefore make debt levels less sustainable.So, perversely, governments right now need to go into further debt.
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