The Government’s borrowing requirement is set to dwarf pre-Covid levels. Over the five-year forecast period, Westpac sees the Government raising $140b in bonds, $12b higher than the previous forecast of $128b.
Westpac is now pointing to 6% OCR because of huge immigration pressures, that’s the umpteenth time in a row the economists have been wrong about an OCR peak.
Yes our economy has been malformed and warped by the Covid response, but all those screaming at those ramifications ignore why we had to take on that debt in the first place!
We faced a once in a century novel pandemic. We had to make decisions that hurt and damaged many lives.
We all sacrificed for the greater good because that was the best means of dealing with a novel virus.
Were there mistakes?
Of course and there were consequences, and those consequences were worth the alternative which was tens of thousands of dead in a mass death event altho would have mutilated this nation.
Critics pointing at the lack of a mass death event as proof that there never was one ignores what we had to do to ensure that didn’t happen!
It’s the most idiotic argument!
The ease with which we rewrite the recent past, to determine with the luxury of hindsight that Covid was just a cold when it has killed tens of millions around the globe is sophistry.
As climate change rapidly distorts weather and human density and animal populations are crammed together cheek to jowl, the possibility of a future pandemic with a far higher mortality rate is greater than ever before.
This level of national emergency event is always a possibility in this new environment.
That’s the new reality.
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