The mini-budget, the stimulus, would need to be pushing A$40 billion to be effective - but it will be one third of that.
Wage subsidies. Treasury did not recommend this, unless Michael Hodgman and Robin Gray are running the joint.
The splash on health funding is not even a tenth of what will be needed to drag Australia back towards full employment following a recession that will be felt well into 2021.
It will be a brute, this one. And thank you Qantas for plain speaking yesterday and prepping the market for a whopping corporate loss.
International departures and arrivals are plummeting and will recover only slowly. COVID-19 is the only variable in the travel world now.
Banks will follow Qantas with financial updates centred on asset quality.