Treasurer Josh Frydenberg (Image: AAP/Daniel Pockett) and John Maynard Keynes

Ever get overtaken in enthusiasm? Once upon a time you’re out on a limb. Then suddenly everyone’s further out than you. That’s where I'm at with Keynesianism.

I have good bona fides as a Keynesian. I’d only just left Treasury when the $900 payments came out that helped save us from the global financial crisis. I’ve always disputed the rewriting of history that says hard spending wasn't needed. Even in 2012-13 I was calling for more spending as the economy wobbled. I really believe in the power of government spending to lift a moribund economy.

Now everyone agrees. Even Josh Frydenberg. Government outlays in the June quarter were around $60 billion higher than usual -- $193 billion where we might have expected around $130 billion. That increase is mostly JobKeeper.