After a $62 billion shot of adrenalin designed to keep businesses going through the coronavirus crisis, the Morrison government has finally ditched its strategy of "targeted and temporary" measures based on existing policies.

Instead, it now wants to put large parts of the Australian economy into "hibernation" and will switch from cash grants to businesses to direct wage subsidies. The first shot of fiscal adrenalin was one of the most expensive policy slip-ups in history, but in the years to come it will likely pale in significance as the broader costs to the government and economy mount.