It’s not so much that The Australian Financial Review demurs from “we’re all Keynesians now”, the quip variously attributed to Keynesian critic Milton Friedman and practical convert Richard Nixon in the 1960s and early '70s. Rather, it’s that Australia’s biggest ever Keynesian support package – delivered by a centre-right government – now needs to be hitched to a similarly committed program of supply-side reform to ensure that the economy can pay for it.

Referring to Friday's The AFR View, Josh Frydenberg said the supply-side revolution of Ronald Reagan and Margaret Thatcher was “an inspiration”. “Supply side can actually help create and strengthen the economy and that is what we are determined to do, provide [a] boost to aggregate demand, where appropriate, but to encourage supply-side reform, because that will be important to the recovery,” the Treasurer said.