This seminar is very timely given the dark clouds of economic uncertainty that now loom over us. The Government should be preparing a package now to avoid recession and to soften the blow if we suffer a prolonged economic downturn. This is the most important economic policy issue facing us over the next few years.
Unemployment is already far too high.
We must prevent it from rising further. Whatever policy options are chosen, it is vital that Governments plan ahead. Otherwise there's a big risk that whatever action is taken once a recession hits will be too late, too slow, ineffective and wasteful. This was our experience in the last two recessions in Australia. By the time fiscal policy was brought to bear on the problem, the recessions were over and it was too late.