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Govt’s unprecedented financial measures ‘will semi-nationalise the economy’

The Advertiser 2020-03-21 20:28:34
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Govt’s unprecedented financial measures ‘will semi-nationalise the economy’

Psychiatrist and Author Tanveer Ahmed says while the Australian government’s emergency stimulus may be “critical” to salvaging the economy, it will also severely weaken free market structures and “semi-nationalise the economy”. The Sunday Mail is reporting “small and medium businesses will receive a gift of up to $100,000 from taxpayers to pay wages in an unprecedented emergency measure to save jobs in the coronavirus catastrophe, bringing total stimulus announcements to an eye-watering $189 billion.” What “you are really seeing is a government takeover of parts of the economy,” Mr Ahmed said. However, “Britain is doing the same and so are several European countries” and the US has promised “ridiculous levels of stimulus” in the trillions, he told Sky News host Jane Marwick. Mr Ahmed says “governments around the world" are trying to ensure “their economies don’t completely implode”.