If you go by the argument spun by Australia’s Labor government, its $A10.4 billion first stimulus package late last year was heralded to lift GDP by 0.5 percent and create 75,000 jobs.

Treasurer Wayne Swan was cocksure of his “economic security” plan. He was certain Australians would keep with tradition and spend the bounty channeled in their bank accounts. Retailers crowed over momentous sales. But somebody was fibbing. Because guess what? Eighty percent of the $10.4 billion was saved. That wasn’t part of the script.