The Morrison government is being urged by the Reserve Bank and Treasury to maintain its record fiscal support as the government is set to announce another $1.8 billion in new and accelerated funding for local governments to further deal with the impacts of COVID‑19.
Treasury secretary Steven Kennedy told a parliamentary committee on Thursday that he did not expect a V-shaped recovery and that continued fiscal support would be crucial for years to come because of dwindling support from the Reserve Bank.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
Tom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com
