View: The era of big fiscal spending has only just begun
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Last Updated: May 13, 2021, 10:40 AM IST
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AP
Prime Minister Scott Morrison s team forecast this week a shortfall worth 5 per cent of gross domestic product in the year through June 2022, greater than anticipated.
Australia is fortifying the economy with huge government spending that will last well beyond this year s projected global rebound. With Covid-19 infections resurgent in Asia, prompting fresh curbs on activity, it’s time to shift our thinking about the longevity of big-ticket stimulus. This isn’t going to be a one-shot deal.
Prime Minister Scott Morrison s team forecast this week a shortfall worth 5 per cent of gross domestic product in the year through June 2022, greater than anticipated. Finances will be in the red at least until 2025, officials predict. (This, in a country once fixated on a balanced budget.) The message contrasts starkly with pledges by Morrison and Treasurer Josh Frydenberg
By Vicky McKeever, CNBC •
Updated 2 hours ago
NYSE
April s consumer price index is due out at 8:30 a.m. ET, with it expected to have grown 0.2% on the previous month, representing a 3.6% jump since last year, according to Dow Jones estimates.
Fed Vice Chair Richard Clarida is due to make a speech on U.S. economic outlook and monetary policy at the National Association for Business Economics International Symposium at 9 a.m. ET.
U.S. Treasury yields dipped early on Wednesday, despite an anticipated jump in inflation, with data tracking price growth in April due out later in the morning. Download our mobile app for iOS or Android to get alerts for local breaking news and weather.