Independent review of emergency economic stimulus measures: Global Financial Crisis and COVID-19

Major government emergency interventions demand, and generally receive, independent scrutiny. This article looks back at reviews of the Australian government's economic stimulus measures introduced in the aftermath of the 2008 Global Financial Crisis (GFC), in anticipation of reviews of responses to the COVID-19 emergency, noting similarities and differences between the two crises. We examine 10 independent reviews of the Australian government's response to the GFC with a particular focus on their nature and the context in which they occurred. As a result, we identify five themes: when and how often reviews are conducted; recognition of context; the need for clear program objectives; explicit design principles; and governance. We develop a typology of independent reviews that has three key and interrelated dimensions: purpose, timing, and reviewer. We observe that there was patchwork coverage of the GFC measures, with no single report providing a holistic assessment of what was achieved or lessons learnt. We contend that, notwithstanding differences between crises, the typology will aid understanding of the role, key issues, and contributions of reviews that have already been, or will be, commissioned into COVID-19 and future emergency economic stimulus measures.