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Yes government debt is cheap, but that doesn’t mean it comes risk-free

The financial response of Western governments to the COVID-19 crisis has been gargantuan, with boosts to health expenditure, enhanced JobSeeker-like payments, and JobKeeper-like wage...

The spending splurge matters, regardless of what modern monetary theory says

The Australian government is planning to spend A$190 billion to support the economy in response to COVID-19, according to the latest Parliamentary Budget Office...