Australia suppressed the virus with swift and strong public health measures including stringent border controls. As of July 2020, the virus continues to spread uncontrolled across the US, resulting in the most recorded cases and deaths of any country. Both countries instituted widespread lock-downs and similarly generous fiscal support, yet Australia has experienced a far milder recession, highlighting the critical role of public health measures in protecting the economy. The role of broad cash stimulus necessarily has been more limited than in an ordinary recession, justifying the use of wage subsidies that encourage businesses to retain workers. The Australian wage subsidy, delivered via the tax authority, was better targeted, more generous, more accessible, but slower to deliver liquidity than the American wage subsidy delivered via private banks. The experience highlights the critical need for significant investments in IRS infrastructure to better prepare for future crises.

中文翻译：

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两种工资补贴的故事：美国和澳大利亚对COVID-19的财政回应

澳大利亚通过迅速而有力的公共卫生措施（包括严格的边境管制）来压制该病毒。截至2020年7月，该病毒继续在全美范围内不受控制地传播，导致任何国家记录最多的病例和死亡。两国都实行了广泛的封锁措施，并提供了类似的慷慨财政支持，但澳大利亚经历了更为温和的衰退，突显了公共卫生措施在保护经济中的关键作用。与普通的经济衰退相比，广泛的现金刺激措施的作用必然受到了更大的限制，这证明了使用鼓励企业留住工人的工资补贴是合理的。通过税务机关提供的澳大利亚工资补贴的针对性更好，更慷慨，更容易获得，但提供流动性的速度比通过私人银行提供的美国工资补贴慢。经验强调了对国税局基础设施进行大量投资的迫切需求，以更好地为未来的危机做准备。