[9]  See Lowe P (2020), ‘COVID-19, the Labour Market and Public Sector Balance Sheets’, Address to the Anika Foundation, online, 21 July; and the Minutes of the Monetary Policy Meeting of the Reserve Bank Board on 7 July 2020.
[10]  There is the possibility of a ratings downgrade from higher debt, but that really only has a political dimension not a financial dimension, as government bond rates would likely be little changed. In any case, a rating agency should not be the determinant of fiscal policy. Fiscal policy should be set to be the most beneficial for the Australian economy and people.