Here is the essence of the contemporary Australian economy. It is designed for political tricksters to thrive even as you go under.
Treasurer Jim Chalmers will prime the government to deliver an “economic soft landing” that will include low unemployment, a recovery in household spending, growth in wages and inflation back within the Reserve Bank’s 2-3 per cent target band.
Amid warnings from financial regulators that the number of people falling behind on mortgage repayments and businesses becoming insolvent are on the rise, Chalmers will use a speech on Wednesday to in effect set a series of government targets including keeping unemployment below 5 per cent and ensuring the economy continues to grow.
As said repeatedly, there is very little chance of a headline Australian recession this year or next.
When you grow the population by 2%+, it would take a dinosaur-scale meteor strike to shrink the economy.
However, that is only a soft landing for Treasurer Jim “Chicken” Chalmers, not for you.
You will be in a vicious recession as per capita economic performance craters. The worst in thirty years outside of COVID:
Moreover, on few occasions have a treasurer’s direct decision-making played a central role in delivering such a terrible economy.
It was Treasurer Chalmers who led the Albanese Government’s retreat from addressing the Ukraine war profiteering shock that sent energy prices mad.
Chalmers also led the Albanese Government’s inundation of Australia with the wrong kind of migrants, sending rents mad.
These two blunders comprise nearly half of Australia’s sticky inflation, which has demolished your purchasing power by 6-7% in two years:
What kind of bloke can so comprehensively fail the workers that put him into power and then lie in such a baldfaced manner to them about it?
