During this time, the economy experienced a mild recession, and the stock market declined for several years after its peak in 2000. 3/5  A review of federal government outlays--both on and off budget--and revenues since the early 1990s helps put the issue in perspective.
[1]  Ellis L (2019), ‘Watching the Invisibles’, The 2019 Freebairn Lecture in Public Policy, University of Melbourne, 12 June. [2]  The ABS also produces a similar ‘volume’ measure of underutilisation with a much shorter history.