It's happened again.
It's fascinating to examine the origins of these crises, and to look at what governments have done to ameliorate the consequences. Doing so reveals a great deal about our political culture, and the undercurrents lurking beneath the rhetoric rationalising financial management of the issues.
In 2008, the crisis was man-made. In 2020, it's about biology. Back in 2008, the crisis was a consequence of lame and inconsequential regulation of the US money market. The contagion spread offshore, and economies went into free fall all over the globe. Australia was no exception, and the Labor government went fast and hard into stimulatory activity, which was effective in that there was no recession.
The stimulatory measures, especially the BER initiative, had other benefits. these included the construction of thousands of physically accessible additions to school buildings which transformed the school experience of many students with disabilities. For these children living in remote locations serviced with old fashioned inaccessible school buildings, attending school meant moving to a larger centre where purpose built units with wheelchair access were available. The frequent consequence of this was the splitting of families. Usually with the mother moved with the child, and dad stayed with his work and life in the remote community.
The accessible additions which had to meet contemporary access standards, meant the child could go to the local school, and families were reunited.
This initiative, and others, was roundly condemned by the Coalition opposition led by Tony Abbott, as a waste of money, and he was fond of calling it a "debt and deficit disaster".
Move forward twelve years, and a Coalition government is pouring billions into stimulatory measures, making the Rudd/Swan initiatives look like chicken feed.
Suddenly, borrowing and spending is kosher. Whatever happened to the debt and deficit disaster? It seems to have fallen down some kind of memory rabbit hole.
Abbott has fled to the UK without saying a word.
I'm searching for a word to describe this behaviour. "Hypocrisy" springs to mind...