Stimulus package Ken Henry (public servant)

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henry stated stimulus package either reduce future government spending or drive taxes, said occur in period of faster growth in private sector activity , judgment has been made in circumstances . . . government have ability repay debt without doing damage gross domestic product growth .


henry provided advice rudd government without continuation of stimulus package, 100,000 jobs lost, , gdp reduce 1.5 per cent. no modeling made public support either of these contentions. after release of advice, shadow treasurer , minister in former howard government, joe hockey, commented had never seen piece of treasury advice designed released media.


further, graphs subsequently printed in budget papers purporting show there statistically significant correlation size of g20 member countries stimulus packages , respective economic performances, data had been cherry picked , 11 g20 economies had been included in analysis. when g20 economies analyzed, no correlation existed. treasury later withdrew graph. imf research showed statistically significant links between form of stimulus, , success or otherwise of various countries through recession.


notwithstanding criticism, raft of economic advice , analysis has subsequently supported australia s actions. oecd s 2009 employment outlook said while have not had strong effect in cushioning initial decline in employment caused crisis...australia notable exception. australia s unemployment figures remain 3% lower oecd average, , avoided recession throughout gfc.


henry s advice throughout gfc has been characterised within mainstream of economic orthodoxy . of december 2009, australia s unemployment rate thought have peaked @ 5.8 percent after several months of job growth. lower previous treasury estimates of 8.5 percent








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