In next month’s mid-year budget update, Scott Morrison slammed the door on fast-tracked tax cuts or other “panicked responses,” saying the government has already pumped $9.5 billion in near-term economic stimulus since the May election.

The Prime Minister revealed on Wednesday that $3.8 billion in infrastructure spending has been fast-tracked over the next four years; this was his response to external pressure to do more to stimulate the economy.

Of that, during this year and next financial year, $1.8 billion will be invested, along with the $550 million in extra drought aid already announced and the $7.2 billion one-stage income tax cuts rolled out on July 1, which amounts to $9.5 billion in stimulus in two years.

Mr Morrison, who has faced numerous demands from Labor, industry, and other groups to seek the next round of income tax cuts, or introduce a business investment allowance, or raise Newstart, maintains that Australia’s economy continues to grow and is in good shape compared to overseas rivals such as Germany, Japan, the United Kingdom and South Korea.

“A panicked reaction to contemporary challenges would amount to a serious misdiagnosis of our economic situation,” the Prime Minister said.

“A responsible and sensible government does not run the country as if it is constantly at DEFCON-1 the whole time, whether on the economy or any other issue. If Australians wanted to elect economic panic merchants, they would have voted Labor.”