Newscorp Business columnist Terry McCrann says it’s a “saving grace” that the Morrison government cannot embark down the same ‘stupid’ route as the Rudd Government’s pink batts stimulus package. As the coronavirus continues to hit global markets and specifically the economy of China – which is expected to experience a slowing in growth – Mr McCrann said the outbreak should serve as a “wakeup call” to Australia.
Mr McCrann told Sky News hosts Alan Jones and Peta Credlin, Australia cannot “in the future rely on one economy” as China has become “fundamentally important” to the economy.
Speaking of the Reserve Bank’s interest rate cuts on Tuesday, Mr McCrann said there is “no magic button either the government or the Reserve Bank can press which can make consumers confident”.
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