The Reserve Bank has done its bit, with a massive $90 billion injection of cash into the financial system. Now the government must step up with an equivalent package.
Treasurer Josh Frydenberg and Prime Minister Scott Morrison (Image: AAP/Lukas Coch)
In raining at least $90 billion on the financial system to encourage banks to keep lending, the Reserve Bank has indicated not merely that the economy faces an unprecedented — if temporary — slump, but that the effects will linger for years. Specifically, at least three years.