Cap raising, page-31

Every time there is a recession people say "but this time it's different". The only difference is that the government fired the ammunition early this time. In the GFC the cash rate dropped to 3%. The corporate interest rate was around 5%. I would suggest that even with the cash rate at 0.25% because of risk the corporate rate is around 3.75% to 4% so the impact on business not as much. The huge multinationals will be lower but not enough to change the circumstances.

These are the facts:
The unemployment rate during the GFC lifted from 4 to 6%. Right now 7.4%, however, that does not take into those that are on Jobkeeper.
The GDP only contracted for one quarter during the GFC in Australia. I don't see us holding that record and suspect we will be contracting for at least 2 more quarters.

The current contraction seems to be larger than anything since the great depression. We just don't feel it because the government is printing money.

It's not the same but after we have blown all our money in round one we may very well see it as the same as the GFC.