Albo “proud” of his economic wreckage


This is just rubbish from your lying PM:

In a speech to a CEDA conference in parliament on Thursday, Mr Albanese will talk up cost-of-living measures starting from Monday – including extending $300 energy bill subsidies to every household from July, a big boost to rental assistance and broadening the stage three tax cuts to include all workers.

Mr Albanese will say the measures are part of a package that has been calibrated “so that it takes pressure off people, without putting pressure on inflation”.

“Since we came to government, just over two years ago, nearly 880,000 jobs have been created – more than half a million of them, full time jobs,” Mr Albanese will the conference.

“Inflation is down. Annual real wages growth is back. Unemployment remains at near 50-year lows. And the gender pay gap is at a record low. My colleagues and I are proud of this record.”

Here is the truth.

Albanese is directly responsible for the energy shock that his cost-of-living measures are designed to target.

He failed to act in time when the Ukraine War triggered energy gouging on the East Coast and by the time he did, the price shock was embedded in annual price-setting mechanisms.

The average electricity price was $50-60Mwh before Albo. It has been nearly $150Mwh since Albo:


The bill subsidies themselves are a bandaid that subsidises the ongoing war profiteering of the energy firms. All Albo has done is shift the burden from your bill to your taxes over the long term.

As for jobs, over the past two calendar years, nearly one million migrants have landed in Australia. So Albo has cut employment for Australians by 120,000:


His goal was to crush wage growth for fear of a wage-push inflation breakout trailing his energy blundering and he has succeeded admirably.

Which tips directly into Albo’s last and most egregious lie. He hasn’t gotten real wages moving, except straight down:

Australian real wages

If women have lost slightly less under Albo, a dubious claim given wealth effects in superannuation, it is hardly a success.

All of this before we include the rental shock, the homelessness boom, as well as crushloaded government services across the spectrum.


How anybody, let alone a “labour” PM, can be proud of these cratering living standards beggar’s belief.

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.