Albo is a worker’s worst nightmare

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Hoocoodanode that the boy from the projects would turn out to be such a worker’s nightmare?

This is who he says he is:

But, if we judge him by actions not words, Albo is something else entirely. On two fronts, Albo’s cowards are about to smash workers’ real incomes to smithereens.

The first is on the income side. Despite there being NO hard data as evidence of any wages breakout, Albo is backing up the immigration dump truck:

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Anthony Albanese has addressed the issues of migration and visa backlogs in relation to skills shortages, saying Australia needs to create better pathways for workers to have a permanent presence in the country.

The Labor government had inherited a “massive” backlog in visas, the prime minister told reporters on Monday.

“It is absurd at a time of skills shortages, there have people who have been waiting for such a long period of time,” he said.

“We do have some short-term skills shortages that will always need to be filled by temporary migration”.

Mr Albanese said temporary migration would continue to play a role, but also indicated the possibility of more long-term or permanent options.

“One of the things that we can consider, that I’ve spoken about, is — how is (it) that for some particular professions, that have been short of supply for such a long period of time, we continue to rely on temporary migration rather than more permanent forms?”

This new flood of cheap foreign labour will arrive after Albo’s immigration trojan horse jobs summit later this year. Just in time for the recession of 2023, ensuring still weak wages are crushed far more than they need to be.

It will, of course, make rental accommodation for workers much more expensive as well. And that will feed into inflation.

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The other side of the ledger for Albo’s worker nightmare is cost. On that front, there is good news coming from offshore as global goods prices enter an epic deflation over the next 18 months.

But Albo, the workers’ worst enemy, has that covered as well. The number one problem for Australian inflation over the next 18 months is not wages, it is the energy shock.

Gas and electricity prices today are totally out of control as Albo protects war-profiteering by foreign-owned, under-taxed, energy cartels.

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Electricity prices, in particular, are damaging for workers and today’s 1300% inflation over five months will translate to a tripling of utility bills for every household and business east of WA over the next eighteen months.

This is especially bad for low-income workers which will see 20% of their disposable income go to the vicious monopolists:

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In short, real incomes are going to be smashed as costs go parabolic and wage growth falls.

Added to this, mortgage rates will skyrocket, adding more income drain and deflating workers’ largest asset.

The unions need a new political party because Albo’s cowards sure ain’t theirs.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.