In response to the COVID19 pandemic the Australian government announced a large fiscal stimulus package. Consider the following statements:

i. The government had some warning that COVID19 was likely to slow down output growth as it saw what happened in other countries

ii. Interest rates in Australia were close to zero, which left the Federal Reserve with little ability to cut interest rates further.

iii. Interest rates in Australia were close to zero, which left the RBA with little ability to cut interest rates further.

iv. Fiscal policy benefits the economy through big infrastructure projects.

v. The government was able to easily borrow cash from bank’s exchange settlement account funds.

Which of the above statements are TRUE as to why fiscal policy was timely in response to dealing with the economic consequences of the COVID19 pandemic: