Articles from Peter Martin
Treasury secretary Steven Kennedy – in the job for for just weeks after moving across from the department of infrastructure last month – has dismissed talk of spending big on infrastructure in order to escape an economic downturn.
Such calls “sound straightforward, but in practice are difficult to achieve”, he told a Senate hearing on Wednesday.
The Australian economy is tepid, with consumer spending the weakest in ten years, business investment shrinking, and economic growth too weak to cover population growth.
Were it not for very strong growth in export income and the biggest surge in government spending in 15 years, the economy would have shrunk.