Australia’s broken economic policy toolkit

Traditional stimulus measures are failing to kick-start the Australian economy. Growth now hinges on the success of the Coalition’s plan to cut red tape and boost small business.

Why has the Australian economy not responded to the unprecedented stimulus it has received? We now know that in the 2013-14 financial year we will see a deficit of around $50 billion. Add to that record-low interest rates, and in almost all post-war years we would see very strong growth, if not a boom, given that level of stimulation. 

But it has not happened and the economy remains sluggish. Let me put forward four reasons (there will be many more) – the first three of these reasons show that our country is undergoing fundamental and dramatic change.

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