A successful and progressive response to the global recession
Last updated by Admin, October 27, 2009
Event Date: 31 July 2009
Treasurer Wayne Swan was joined by The Australian's George Megalogenis and David Coats of The Work
Foundation (UK) to discuss government responses to global recession both in Australia and
overseas. The Treasurer was able to
share his experiences gained from meeting people around the country to give
some insight into the effect of recession and resulting stimulus on
individuals. The Treasurer found an overall sense of confidence, not only in
the economy, but in the community and in each other. The Treasurer noted that a
stimulus is more than just the sum of its parts - the stimulus for individuals
gave people confidence that they were not alone in facing the global financial
crisis and it showed people that government was there to assist them. The
Treasurer note that although we are often that Australia is becoming a more
individualistic society, he saw evidence across the country of communities,
businesses and employees coming together to help each other. At the workforce
level there has been enormous concern for the welfare of others - employers
have worked hard to keep employees in work, and employees themselves have
worked hard to ensure that other employees keep their job. This coming together
in tough times is an encouraging indication that Australia retains a strong sense of
community and a fair go.
David Coats, of the Work Foundation in the UK spoke about
the global consensus that an activist fiscal response is a key part of
responding to global recession. The Work Foundation in the UK published a report, A Boost for Britain: The
Case for activist fiscal policy on why affordable fiscal activism is necessary
to reduce the threat of unemployment.
www.theworkfoundation.com
Will Hutton, also of The
Work Foundation contributed to the panel by video. Hutton identified one of the
chief causes of the credit crunch as the neglect of fairness and ethics in the
banking system. He believes that if economies are to be put back on their feet,
governments will have to ensure that society and companies are fair. www.theworkfoundation.com