It was done to great effect in Australia during the GFC, and the fact it was done early is a contributing factor to its success allowing us to ride it out with minimal downside. So hardly a last resort.

The current government is considering doing it again too as you say. Though of course, since they were in opposition last time they've spent the last decade saying how it was such a terrible idea last time.

https://www.theguardian.com/business/commentisfree/2020/mar/...