(Image: AAP/Lukas Coch)

Thanks to Treasury's $60 billion JobKeeper overestimate, we've all just been given a lesson in policymaking on the run. Fortunately, it's one that gives the government more options for managing the economic recovery from lockdown, not fewer.

Despite everything you've read and heard in the media -- even good journalists and Coalition cheerleaders misreported this -- there was no $60 billion "blunder" about JobKeeper. If you read the (poorly worded and structured) Treasury media release, you'll see why.

The revised cost of JobKeeper to $70 billion has nothing to do with the error by 1000 or so businesses filling out the form (which suggests a badly-designed form) but rather: