The holiday season is finally over and we back in stark reality. The global financial crisis is dragging Australia deeper by the day. Thursday will see the official employment figures but job ads in December sank to lowest on record, suggesting that unemployment will rise to as much as 11%. With the service sector forming 70% of the economy, this spells disaster.
There is no time to lose in implementing quick and effective policies and measures that could prop up the economy before things turn awry that economic self-restructuring is the only possible antidote.
Despite the government's $10 billion stimulus package given to families and seniors to spend during the holidays, IMF said the government needs to do more - more 'real' money to be pumped into the economy to help businesses to stay afloat. With cash already given out so what is next?
Tax cut. Yes, Wayne Swan is leaving the option open to bring forward tax cuts which will involve a broader taxpayer pool to have extra cash to spend. In fact the $10 billion stimulus package was in essense like a cash tax refund or more like cash tax rebates for Senior Australian Tax Offset and bonus Family Tax Benefits.
Although ratings agency, Standards & Poor said that Australia is strong enough to withstand the global crisis, we must however adopt a pre-emptive position before the problems come attacking us.
Attack is the best defence for now.
There is no time to lose in implementing quick and effective policies and measures that could prop up the economy before things turn awry that economic self-restructuring is the only possible antidote.
Despite the government's $10 billion stimulus package given to families and seniors to spend during the holidays, IMF said the government needs to do more - more 'real' money to be pumped into the economy to help businesses to stay afloat. With cash already given out so what is next?
Tax cut. Yes, Wayne Swan is leaving the option open to bring forward tax cuts which will involve a broader taxpayer pool to have extra cash to spend. In fact the $10 billion stimulus package was in essense like a cash tax refund or more like cash tax rebates for Senior Australian Tax Offset and bonus Family Tax Benefits.
Although ratings agency, Standards & Poor said that Australia is strong enough to withstand the global crisis, we must however adopt a pre-emptive position before the problems come attacking us.
Attack is the best defence for now.
2 comments:
Tax cut! I likeeee
I like tax cut too!
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