Footnotes

Chapter 1 - Introduction

[1]        IMF, World Economic Outlook, October 2009; Angus Maddison, The World Economy: Historical Statistics, OECD, 2003; Secretariat estimates.

[2]        See Chart 5.1 in Chapter 5.

[3]        See Table 5.1 in Chapter 5.

[4]        Nation Building and Jobs Plan - Inquiry into the provisions of the Appropriation (Nation Building and Jobs) Bill (No. 1) 2008-2009 and 5 related bills, 10 February 2009. (hereafter 'Nation Building Report'.)

Chapter 2 - Spending initiatives

[1]        The Hon. Kevin Rudd, Prime Minister of Australia, and the Hon. Wayne Swan, Treasurer, 'Economic Security Strategy', Media release, 14 October 2008, p 1.

[2]        Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, p 2.

[3]        Table 2.1: Composition of Fiscal Stimulus and Table 2.2

[4]        Coordinator-General, Commonwealth Coordinator-Generals Progress Report 3 February 2009 – 30 June 2009, Nation Building Economic Stimulus Plan, published August 2009, p 23.

Chapter 3 - Policy responses

[1]        John Maynard Keynes, The General Theory of Employment, Interest and Money, 1936, Chapter 24.

[2]        The full title is The General Theory of Employment, Interest and Money (1936).

[3]        President Nixon made the statement when taking the United States off the gold standard in 1971. In some accounts the quotation is "I am now a Keynesian". A similar quotation has been attributed to Keynes' rival as the 20^th century's greatest economist, the free-market monetarist Milton Friedman.

[4]        Dr Steven Kates, Proof Committee Hansard, 21 September 2009, p 2.

[5]        Professor Sinclair Davidson, Proof Committee Hansard, 21 September 2009, p 51.

[6]        Dr Steven Kates, Proof Committee Hansard, 21 September 2009, p 3.

[7]        Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, pp 27-8.

[8]        Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p 28.

[9]        Dr Richard Denniss, Australia Institute, Proof Committee Hansard, 21 September 2009, p 62.

[10]      Professor Ross Garnaut, The Great Crash of 2008, Melbourne University Press, October 2009, p 211.

[11]      Proof Committee Hansard, 9 October 2009, pp 4-5.

[12]      Ethan Ilzetzi, Enrique Mendoza and Carlos Vegh, 'How big are fiscal multipliers?' CEPR Policy Insight, no 39, October 2009, p 1. Similarly the OECD conclude there are 'lower multipliers for more open economies'; Economic Outlook Interim Report 2009.

[13]      Dr David Gruen, Executive Director, Macroeconomic Group, Treasury, Proof Committee Hansard, 9 October 2009, p 5. While Australia is not a 'closed' economy in the sense of having heavy tariff restrictions, its physical insularity means that it is likely to always engage in less international trade than do European countries with adjoining partners.

[14]      Dr David Gruen, Executive Director, Macroeconomic Group, Treasury, Proof Committee Hansard, 9 October 2009, p 5.

[15]      Dr David Gruen, Executive Director, Macroeconomic Group, Treasury, Proof Committee Hansard, 9 October 2009, p 20.

[16]      Robert Barro, 'Are government bonds net wealth?', Journal of Political Economy, November 1974, pp 1095-1117; David Ricardo, The Principles of Political Economy and Taxation, 1817, Chapter XVII.

[17]      Dr David Gruen, Treasury, Proof Committee Hansard, 9 October 2009, p 19.

[18]      Ricardo makes the theoretical point but warns that in practice people do not behave this way. See the Ricardo reference above and Andrew Abel, 'Ricardian equivalence theorem', New Palgrave Dictionary of Economics, 1987, p 175.

[19]      Max Corden, 'The theory of the fiscal stimulus: how will a debt-financed stimulus affect the future', Melbourne Institute working papers, no 15/09, June 2009, p 9.

[20]      Dr David Gruen, Treasury, Proof Committee Hansard, 9 October 2009, p 19. The research is described in David Gruen, 'What people know and what economists think they know: Surveys on Ricardian equivalence', Australian Economic Papers, June 1991, pp 1-9.

[21]      Professor Sinclair Davidson, Proof Committee Hansard, 21 September 2009, p 44.

[22]      Professor Tony Makin, Proof Committee Hansard, 21 September 2009, p 77.

[23]      Professor Tony Makin, Proof Committee Hansard, 21 September 2009, p 77.

[24]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 19.

[25]      Dr Peter Burn, Australian Industry Group, Proof Committee Hansard, 28 September 2009, pp 64-5.

[26]      Max Corden, 'The theory of the fiscal stimulus: how will a debt-financed stimulus affect the future', Melbourne Institute working papers, no 15/09, June 2009, p 4.

[27]      Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, p 2.

[28]      Treasury briefing paper, p 9.

[29]      The three criteria are attributed to Larry Summers (currently the director of the US National Economic Council, a professor at Harvard University at 28 and later its president and formerly US Treasury Secretary) by Douglas Elmendorf and Jason Furman, 'If, when, how: a primer on fiscal stimulus' Brookings Institution, January 2008, p 5.

[30]      Professor Tony Makin, Proof Committee Hansard, 21 September 2009, p 88.

[31]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 22.

[32]      Professor Tony Makin, Proof Committee Hansard, 21 September 2009, p 89.

[33]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p 26.

[34]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 22.

[35]      Dr David Gruen, Treasury, Proof Committee Hansard, 9 October 2009, p 5.

[36]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 24.

[37]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p 32.

[38]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p 23.

[39]      Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, p 4.

[40]      Dr David Gruen, Treasury, Proof Committee Hansard, 9 October 2009, pp 13-14.

[41]      Professor Tony Makin, Proof Committee Hansard, 21 September 2009, p 88.

[42]      Dr Steve Kates, Proof Committee Hansard, 21 September 2009, pp 6 and 9.

[43]      Professor Sinclair Davidson, Proof Committee Hansard, 21 September 2009, p 48.

[44]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p 28. This is consistent with Douglas Elmendorf and Jason Furman, 'If, when, how: a primer on fiscal stimulus' Brookings Institution, January 2008, pp 15-17 and the OECD's Economic Outlook Interim Report 2009.

[45]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p 37.

[46]      Nation Building Report, p 47.

[47]      Nation Building Report, p 49.

[48]      Milton Friedman (1957), A Theory of the Consumption Function, Princeton University Press, chapter 2, 'The Permanent Income Hypothesis', pp 20-37.

[49]      Dr Richard Denniss, Proof Committee Hansard, 21 September 2009, p 62.

[50]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p 39.

[51]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 21.

[52]      Dr Richard Denniss, Proof Committee Hansard, 21 September 2009, p 62.

[53]      Douglas Elmendorf and Jason Furman, 'If, when, how: a primer on fiscal stimulus' Brookings Institution, January 2008, p 11. The original proposal is attributed to Martin Feldstein, a Harvard professor, long-time president of the National Bureau of Economic Research and former chair of the US Council of Economic Advisers.

Chapter 4 - Impact of the stimulus packages

[1]        Treasury briefing paper, p 10.

[2]        Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 3.

[3]        Reserve Bank of Australia, Financial Stability Review, September 2009, p 24.

[4]        Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 3.

[5]        Dr Ken Henry, Secretary, Treasury, Proof Committee Hansard, 9 October 2009, p 8.

[6]        Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, pp 2-3. The basis for these calculations is discussed later in this chapter.

[7]        Dr David Gruen, Treasury, Proof Committee Hansard, 9 October 2009, p 20. This accords with a US study which concluded 'true fiscal stimulus implemented promptly can provide a larger near-term impetus to economic activity than monetary policy can'; Douglas Elmendorf and Jason Furman, 'If, when, how: a primer on fiscal stimulus' Brookings Institution, January 2008, p 8.

[8]        Since this was written the cash rate has been increased to 3.25 per cent.

[9]        David Gruen, John Romalis and Naveen Chandra, 'The lags of monetary policy', Reserve Bank of Australia Research Discussion Papers, no 9701, June 1997. 

[10]      Treasury's briefing paper, p 8.

[11]      Professor Sinclair Davidson, Proof Committee Hansard, 21 September 2009, p 42.

[12]      Professor Sinclair Davidson, Proof Committee Hansard, 21 September 2009, p 42.

[13]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 6.

[14]      Mr Greg Evans, Australian Chamber of Commerce and Industry, Proof Committee Hansard, 28 September 2009, p 54.

[15]      Dr Richard Denniss, Proof Committee Hansard, 21 September 2009, p 61. This concern was also raised during the Senate Finance and Public Administration inquiry. In addition, there were concerns that students who enrolled late may miss the training bonus.

[16]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p 30.

[17]      Mr Rory Robertson, Proof Committee Hansard, 28 September 2009, p 43.

[18]      Dr Richard Denniss, Australia Institute, Proof Committee Hansard, 21 September 2009, p 61.

[19]      Dr Peter Burn, Australian Industry Group, Proof Committee Hansard, 28 September 2009, p 64.

[20]      Dr Peter Burn, Australian Industry Group, Proof Committee Hansard, 28 September 2009, p 64.

[21]      Dr Steve Kates, Proof Committee Hansard, 21 September 2009, p 6

[22]      Dr Steve Kates, Proof Committee Hansard, 21 September 2009, p 9.

[23]      Dr Ken Henry, Secretary, Treasury, Proof Committee Hansard, 9 October 2009, p 10.

[24]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, pp 23 and 27.

[25]      Professor Ross Garnaut, The Great Crash of 2008, Melbourne University Press, October 2009, p 157.

[26]      Professor Sinclair Davidson, Proof Committee Hansard, 21 September 2009, p 50.

[27]      Dr Richard Denniss, Proof Committee Hansard, 21 September 2009, p 64.

[28]      Dr Ken Henry, Secretary, Treasury, Proof Committee Hansard, 9 October 2009, p 8.

[29]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, pp 11-12. See also his comments on pp 14-15.

[30]      Mr Neil Hyden, Chief Executive Officer, Australian Office of Financial Management, Proof Committee Hansard, 28 September 2009, p 30.

[31]      Mr Neil Hyden, Chief Executive Officer, Australian Office of Financial Management, Proof Committee Hansard, 28 September 2009, p 32.

[32]      Dr Ken Henry, Secretary, Department of the Treasury, Proof Committee Hansard, 9 October 2009, p 2.

[33]      Treasury briefing paper, p 3.

[34]      Treasury briefing paper, p 5.

[35]      Dr Steve Kates, Proof Committee Hansard, 21 September 2009, p 4.

[36]      Dr Steve Kates, Proof Committee Hansard, 21 September 2009, p 5.

[37]      Professor Warwick McKibbin, Submission 15a, pp 24-26.

[38]      Professor Warwick McKibbin, Submission 15, p 1.

Chapter 5 - Should the package be scaled back?

[1]        Professor Tony Makin, Proof Committee Hansard, 21 September 2009, p 81.

[2]        The Hon Wayne Swan, One Year On: Fiscal Stimulus and the Path Ahead, Address to the Australian Business Economists, Sydney, 12 October 2009, http://www.treasurer.gov.au/DisplayDocs.aspx?doc=speeches/2009/028.htm&pageID=005&min=wms&Year=&DocType=, accessed 19 October 2009

[3]        Mike Stutchbery, 'Make stimulus timely, temporary, targeted and tweakable', The Australian, 15 October 2009, pp 28.

[4]        International Monetary Fund, World Economic Outlook, October 2008, p.xv, http://www.imf.org/external/pubs/ft/weo/2008/02/pdf/text.pdf (Accessed 7.02.09).

[5]        The Hon. Wayne Swan, MP, Treasurer and the Hon Lindsay Tanner, MP, Minister for Finance and Deregulation, Mid Year Economic and Fiscal Outlook 2008-09, 2008, p.1

[6]        The Hon. Wayne Swan, MP, Treasurer and the Hon Lindsay Tanner, MP, Minister for Finance and Deregulation, Updated Economic and Fiscal Outlook 2008-09, 2009, p.1

[7]        The Hon. Wayne Swan, MP, Treasurer and the Hon Lindsay Tanner, MP, Minister for Finance and Deregulation, Updated Economic and Fiscal Outlook 2008-09, 2009, p.1.

[8]        Ross Garnaut, 'Garnaut warns PM on stimulus', The Australian, 9 October 2009, p 1.

[9]        World Economic Outlook Update, 8 July 2009, p1.

[10]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 3.

[11]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 3.

[12]      Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, p 3.

[13]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 9.

[14]      Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, p 3.

[15]      Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, p 3.

[16]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, pp 3-4.

[17]      Mr Greg Evans, Australian Chamber of Commerce and Industry, Proof Committee Hansard, 28 September 2009, p 60.

[18]      Stephen Walters, JPMorgan chief economist, quoted in David Crowe and Adrian Rollins, 'Calls mount to cut stimulus spending', The Australian Financial Review, 8 October 2009, p 6.

[19]      Scott Haslem, UBS economist, quoted in David Crowe and Adrian Rollins, 'Calls mount to cut stimulus spending', The Australian Financial Review, 8 October 2009, p 6.

[20]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 20, 24 and 25.

[21]      Mike Stutchbery, 'Make stimulus timely, temporary, targeted and tweakable', The Australian, 15 October 2009, pp 28.

[22]      Mike Stutchbery, 'Make stimulus timely, temporary, targeted and tweakable', The Australian, 15 October 2009, pp 28.

[23]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 7.

[24]      Professor Sinclair Davidson, Proof Committee Hansard, 21 September 2009, p 44.

[25]      Ross Garnaut, 'Garnaut warns PM on stimulus', The Australian, 9 October 2009, p 1.

[26]      Ross Garnaut, 'Garnaut warns PM on stimulus', The Australian, 9 October 2009, p 1.

[27]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 26.

[28]      Dr Peter Burn, Australian Industry Group, Proof Committee Hansard, 28 September 2009, p 66.

[29]      Mike Stutchbery, 'Make stimulus timely, temporary, targeted and tweakable', The Australian, 15 October 2009, p 28.

[30]      The Hon. Wayne Swan, MP, Treasurer, 'One Year On: Fiscal Stimulus and The Path Ahead', Address to the Australian Business Economists, 12 October 2009, http://www.treasurer.gov.au/DisplayDocs.aspx?doc=speeches/2009/028.htm&pageID=005&min=wms&Year=&DocType= , accessed 19 October 2009.

[31]      Mike Stutchbery, 'Make stimulus timely, temporary, targeted and tweakable', The Australian, 15 October 2009, p 28.

[32]      Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, p 2.

[33]      Professor Sinclair Davidson, Proof Committee Hansard, 21 September 2009, p 52.

[34]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p 36.

[35]      Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, p 18.

[36]      Reserve Bank Board Minutes, 6 October 2009, http://www.rba.gov.au/MonetaryPolicy/RBABoardMinutes/2009/rba-board-min-06102009.html, accessed 20 October 2009.

Chapter 6 - Conclusion and Recommendations

[1]        Reserve Bank Board Minutes, 6 October 2009, http://www.rba.gov.au/MonetaryPolicy/RBABoardMinutes/2009/rba-board-min-06102009.html, accessed 20 October 2009

Government Senators’ Minority Report

[1]        Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p.28.

[2]        Ibid, p.36.

[3]        Dr Richard Denniss, Proof Committee Hansard, 21 September 2009, p.64.

[4]        Australian Council of Social Service, Submission 2, p.2

[5]        Greg Evans, Director, Australian Chamber of Commerce and Industry, Proof Committee Hansard, 28 September 2009, p.54.

[6]        Dr Ken Henry, Secretary of the Treasury, Proof Committee Hansard, 9 October 2009, p.15.

[7]        Rory Robertson, Economist, Macquarie Bank, Proof Committee Hansard, 28 October 2009, p.50

[8]        Rory Robertson, Economist, Macquarie Bank, Opening Statement to the Senate Economic Committee Inquiry, 28 October 2009, Proof Committee Hansard, p.2

[9]        Source: Treasury Briefing Paper for the Senate Inquiry into the Economic Stimulus Package; received by the Senate Economics References Committee, 2 October 2009.

[10]      Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p.22

[11]      Rory Robertson, Economist, Macquarie Bank, Proof Committee Hansard, 28 October 2009, p.43

[12]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p.28

[13]      Treasury Briefing Paper for the Senate Inquiry into the Economic Stimulus Package; received by the Senate Economics References Committee, 2 October 2009.

[14]      Proof Committee Hansard, 9 October 2009, p.8.

[15]      Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, p.2.

[16]      Treasury, Briefing Paper, op cit, p.6.

[17]      Ibid, p.5.

[18]      Mr. Glenn Stevens, Reserve Bank Governor; Proof Committee Hansard, 28 September 2009, p.3.

[19]      Proof Committee Hansard, 28 September 2009, p.6.

[20]      Mr. Glenn Stevens, Reserve Bank Governor, Proof Committee Hansard, 28 September 2009, p.7.

[21]      Dr Peter Burn, Associate Director, Public Policy, Australian Industry Group, Proof Committee Hansard, 28 September 2009, p.63.

[22]      Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p.22.

[23]      Proof Committee Hansard, 9 October 2009, p.13.

[24]      Dr. Ken Henry, Proof Committee Hansard, 9 October 2009, p.14.

[25]      Dominique Srauss-Kahn, Managing Director, International Monetary Fund, Opening Address to the 2009 Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund, Istanbul, October 6, 2009.

[26]      Greg Evans, Proof Committee Hansard, 28 September 2009, p.55.

[27]      Dr Peter Burn, Associate Director, Public Policy, Australian Industry Group, Proof Committee Hansard, 28 September 2009, p. 63.

[28]      Dr. Ken Henry, op cit, p.14.

[29]      For example, Dr Steven Kates, Proof Committee Hansard, 21 September 2009, pp 4-5, 8.

[30]      Dr Richard Denniss, op cit p.64.

[31]      Dr. Richard Denniss, op cit p.67.

[32]      Mr. Rory Robertson, op cit , p.40.

[33]      Dr. Peter Burn, op cit, p 67.

[34]      Hon. Julia Gillard MP, Proof House Hansard, 19 October 2009, p.27.

[35]      ibid

[36]      See, for example, Dr. Steven Kates, op cit,  p E5; Professor Sinclair Davidson, RMIT University and Institute of Public Affairs; Proof Committee Hansard, 21 September, 2009 p.49; Professor Tony Makin, op cit, pp 81, 87

[37]      Professor Andrew Leigh, op cit, p.29

[38]      Professor Andrew Leigh, op cit, p.31

[39]      Dr. Peter Burn, op cit, p.68

[40]      Dr. Ken Henry, op cit, p.15

[41]      Dr David Gruen, Executive Director, Macroeconomic Group, Treasury, Proof Committee Hansard, 9 October 2009, p.15

[42]      Dr. Ken Henry, op cit, p.3.

[43]      Mr. Glenn Stevens, Proof Committee Hansard, 28 September 2009, p. 4.

[44]      Mr Greg Evans, ACCI, Proof Committee Hansard, 28 September 2009, p. 57.

[45]      Mr. Glenn Stevens, op cit, p.15

[46]      Ibid, p.12

[47]      Budget Paper No. 1 2009-10, p.1-51

[48]      ibid

[49]      Mr. Glenn Stevens, op cit, p.9; Mr. Neil Hyden, CEO, Australian Office of Financial Management, Proof Committee Hansard, 28 September 2009, p.32; Mr. Rory Robertson, Economist and Division Director, Macquarie Bank, Proof Committee Hansard, 28 September 2009, p.41; Dr Ken Henry, Secretary, Department of Treasury, Proof Committee Hansard, 9 October 2009, p.16; Professor Andrew Leigh, Proof Committee Hansard, 21 September 2009, p. 34

[50]      Mr. Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard,  28 September 2009, p.9

[51]      Mr. Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard,  28 September 2009, p.16

[52]      Dr. David Gruen, Executive Director, Macroeconomic Group, Department of the Treasury, Proof Committee Hansard, 9 October 2009, p.5.

[53]      Dr. Ken Henry, op cit p.2.

[54]      Dr. David Gruen, Executive Director, Macroeconomic Group, Department of the Treasury, Proof Committee Hansard, 9 October 2009, p.21.

Additional Comments Senator Bob Brown, Australian Greens

[1]        Dr Ken Henry, Secretary to the Treasury, Proof Committee Hansard, 9 October 2009, pp 2-3.

[2]        Mr Glenn Stevens, Governor, Reserve Bank of Australia, Proof Committee Hansard, 28 September 2009, p 6.

Additional Comments by Senator Xenophon

[1]        Dr Ken Henry, Proof Committee Hansard, 09 October 2009, Pg 2

[2]        OECD 2009, Pg 109-110

[3]        Professor Andrew Leigh, Submission 1, Pg 4

[4]        Professor Andrew Leigh, Submission 1, Pg 8

[5]        Professor Andrew Leigh, Submission 1, Pg 8

[6]        China Daily Govt scheme helps ease drop of consumption, 24 April 2009

[7]        Australian Retailers Association, Media Release: Retailers call for debit card stimulus to ensure    funds flow, 11 February 2009

[8]        Australian Retailers Association, Media Release: Retailers call for debit card stimulus to ensure funds flow, 11 February 2009

[9]        Roy Morgan research http://www.roymorgan.com/news/polls/consumer-confidence.cfm

[10]      Roy Morgan Research, http://www.roymorgan.com/news/polls/consumer-confidence.cfm

[11]      ACOSS, Submission 2, pg 1

[12]      Westpac-Melbourne Institute Consumer Sentiment Index 2009

[13]      OECD 2009, Employment Outlook

[14]      Professor Steven Kates, Proof Committee Hansard, 21 September, Pg 9

[15]      ABC, The 7:30 Report: Professor Ross Garnaut, 12 October 2009

[16]      Dr Ken Henry, Proof Committee Hansard, 9 October 2009, Pg 3

[17]      Mr Glenn Stevens, Proof Committee Hansard, 28 September 2009, Pg 7

[18]      Mr Glenn Stevens, Proof Committee Hansard, 28 September 2009, Pg 19

[19]      Weekend Australian, Garnaut cool on stimulus, 10 October 2009

Appendix 3 - Composition of stimulus measures

[1]        The Hon Kevin Rudd PM and the Hon Wayne Swan, Treasurer, Joint Press Release, Economic Security Strategy, 14 October 2008.

[2]        The Hon Wayne Swan, MP, Treasurer, Budget Speech 2009–10, 12 May 2009.

[3]        In the accounting used in measuring the overall size of the package, the road, black spot and East Kimberley initiative tally to $0.4 billion rather than $0.96 billion. It is assumed this is because the $711 million for road projects brings forward some previously announced projects in time. Department of Prime Minister and Cabinet, Nation Building: Rail, Road Education & Research and Business, December 2008, p. 4.

[4]        The bill authorises the Commissioner of Taxation to pay the tax bonus to eligible taxpayers. The Consequential Amendments bill made amendments to the various acts relating to taxation to ensure that the payments themselves were exempt from tax.

[5]        The Hon Mr Wayne Swan, Treasurer, Budget Speech 2009–10, p. 5.