The $320 billion of fiscal and monetary measures in response to the coronavirus, however necessary, will impose a debilitating cost on all Australians with consequences for years to come. The government needs to outline an exit strategy from these extraordinary levels of intervention.

The Morrison government is right to prioritise assisting businesses to come through the lockdown and maintain their connection with their employees, but an additional $214 billion of fiscal spending combined with a large hit to government revenue could send total federal government debt on a path toward $1 trillion.