A tale of two wage subsidies the American and Australian fiscal responses to COVID-19 Steven Hamilton
By: Hamilton, Steven
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Material type: 
ArticlePublisher: 2020Subject(s): PANDEMIAS | CORONAVIRUS | POLITICA ECONOMICA | CRISIS ECONOMICAS | AYUDA ESTATAL | PRESTACIONES SOCIALES | POLITICA FISCAL | ESTADOS UNIDOS | AUSTRALIA
In:
National Tax Journal v. 73, n. 3, September 2020, p. 829-846Summary: In July 2020, COVID-19 had been suppressed in Australia but continued to spread across the United States. Both countries instituted lock-downs and fiscal support, but Australia experienced a milder recession, highlighting the role of public health measures in protecting the economy. Cash stimulus is less useful than in a normal recession, justifying wage subsidies encouraging businesses to retain workers. The Australian wage subsidy, delivered via the tax authority, was better targeted, more generous, more accessible, but slower than the American wage subsidy delivered via banks. The experience highlights the need for investments in IRS infrastructure to better prepare for future crises.
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| OP 233/2020/3-5 State and local Government finances in the COVID-19 Era | OP 233/2020/3-6 Federal aid to school districts during the COVID-19 recession | OP 233/2020/3-7 Norwegian and U.S. policies alleviate business vulnerability due to the COVID-19 shock equally well | OP 233/2020/3-8 A tale of two wage subsidies | OP 233/2020/3-9 U.K. COVID-19 diary | OP 233/2020/4 National Tax Journal | OP 233/2020/4-1 Sharing the wealth |
Resumen.
Bibliografía.
In July 2020, COVID-19 had been suppressed in Australia but continued to spread across the United States. Both countries instituted lock-downs and fiscal support, but Australia experienced a milder recession, highlighting the role of public health measures in protecting the economy. Cash stimulus is less useful than in a normal recession, justifying wage subsidies encouraging businesses to retain workers. The Australian wage subsidy, delivered via the tax authority, was better targeted, more generous, more accessible, but slower than the American wage subsidy delivered via banks. The experience highlights the need for investments in IRS infrastructure to better prepare for future crises.
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