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Psst, about that lazy $178 billion the banks have parked at the Reserve Bank … – Michael West News

The banks have $178 billion sitting on deposit with the Reserve Bank, earning zero interest. It was $155 billion a month ago. This is newly created money

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It was two years ago that Josh Frydenberg sallied forth with his maiden Budget. The Treasurer spoke proudly of the coming budget surplus and the Governments fiscal rectitude. Back in black. A balanced budget. They got close that year, just a few hundred million short. 
The fiscal rectitude came at a price though. Cutting spending cut growth and the Australian economy was deflating.
Now, two years down the track, ravaged by the pandemic, Australia now faces a budget deficit of $150 billion. It could…

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