It is a sober response to a crisis that has yet to reach its peak.
Whether he succeeds or not is now in the hands of business, pensioners and the unemployed.
The strategy is simple and coherent.
By shielding company cash flow, the prime minister is issuing a challenge to businesses to hold their nerve and hold on to their workers.
By rolling out cash through the transfer payments system, he has targeted those most likely to spend every cent of it.
The immediate effect of the stimulus package will be injecting billions of dollars into the economy to address the collapse in domestic demand and keep people in work.
The medium term objective is to supercharge investment and keep business humming.
The longer term aim is to establish a framework for a rapid economic recovery when the health crisis finally runs its course.
Critically, Morrison and his Treasurer have avoided the fantasy projects of the Rudd government’s second stimulus in response to the Global Financial Crisis.
Yes, the surplus is lost but there will be no “fiscal hangover”.
Morrison believes the community will understand the sacrifice.
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