news, federal-politics, jack waterford, federal budget, budget 2020, 2020 budget, capitalism, invisible hand, trickle-down

The coronavirus recession budget involves many opportunities to use the word unprecedented, but here’s one not being mentioned. This is the biggest budget, proportionately, ever devoted by a Western economy to the fundamental theory of modern capitalism: the theory of the hidden hand. Never has such a budget made it easier for a private sector entrepreneur to invest or spend money; indeed, if the investment is into someone else’s goods and services, and the spending produces a job for another, the government will handsomely subsidise it. One might think that any business, or any person, with a viable idea for developing a business able to make profits has never had it as easy as they will have it once the budget is adopted. Just to make things easier, a vast number of Australian consumers will be

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news, act-politics, coronavirus, covid-19, act economy

The government needs to provide a long-term plan to return the ACT’s budget to surplus to boost industry confidence in the territory’s economy, Canberra’s peak business body says. Last week’s fiscal update revealed the territory was heading for an almost $1 billion deficit this year, with debt expected to skyrocket, thanks to reduced revenue. Canberra Business Chamber said the private sector would be pivotal in the ACT’s economic recovery from COVID-19. It has called on ACT’s political leaders to commit to its 20-point plan to recovery, as the territory edges closer to an election. Chamber chief executive Graham Catt said Canberrans should “think carefully” before voting. “Two-thirds of working Canberrans are employed by the private sector. Will our government for the next four years help small business, create real jobs, and diversify our economy for the future?” he said. Its plan, released on Tuesday,

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Coronavirus restrictions and border closures has forced Canberra Airport to close on Saturdays, landing a serious blow for businesses that rely on the aviation industry and tourism.

Airport management made the decision to only operate six days a week after reporting a 99 per cent drop in passengers.

The Saturday closure will start today, and run until the first of October, at which point management said it would reassess the situation.

If matters had not improved by then, the airport said it would consider closing for at least one other day, and overnight, throughout the week.

That decision will have an immediate knock-on effect on many businesses, including the already depleted taxi industry.

Where there used to be a long row of taxis waiting at the arrivals gate, already the ranks are empty.

Since border closures were enforced, there have been reports of some drivers waiting longer than three hours

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