Australia’s economic growth is at a 30-year low relative to comparable countries. Yet the Treasurer claims it now ‘leads the pack’. He is apparently inspired by Donald J Trump – don’t waste time on small lies; the bigger the better!
Last week’s economic growth figures for Australia’s June quarter confirm three realities the Government led by Prime Minister Scott Morrison wants to conceal.
First, that economic outcomes are far below where they should be given global conditions and the relatively well-controlled pandemic – except in the one state of New South Wales.
Second, that the Morrison Government is clearly the worst at economic management in Australia’s post-war history. Treasurer Josh Frydenberg has achieved the poorest outcomes of any post-war treasurer.
Third, that Australia’s craven mainstream media continue to treat citizens with contempt by reporting these appalling outcomes deceptively – if at all – and refusing to expose the Government’s blatant lies.
Economic growth relative to comparable countries
Quarterly growth of gross domestic product (GDP) for this year’s June quarter was 0.67%, as shown by the Australian Bureau of Statistics (ABS) last Wednesday.
That ranks a miserable 31st among the 34 developed OECD member countries which have reported their second quarter growth so far. See yellow chart, above.
Australia may well slide further when the other four OECD members – New Zealand, Greece, Luxembourg and Costa Rica – announce their second quarter results shortly.
Frydenberg’s blatant falsehoods
Treasurer Josh Frydenberg immediately tried to hoodwink the nation about this shameful outcome. Within hours of the ABS release he sent a devious email with a decidedly dodgy graph to his email list.
Frydenberg claimed:
“Real GDP grew by 0.7% in the June quarter, to be 9.6% higher through the year – the strongest year of GDP growth on record.”
This is highly deceptive. GDP annual growth of 9.6% would be commendable in a normal period of steady growth. But this isn’t normal. Australia has had eleven quarters of dismal outcomes, beginning in 2018, well before the pandemic. Two were the worst on record.
The economy is now simply recovering previous horrendous losses. The Treasurer has nothing whatsoever to brag about.
Frydenberg’s fraudulent chart
Frydenberg also said,
“Australia’s economy is now 1.6% above its pre-pandemic level. Our recovery is continuing to lead the pack ahead of any major advanced economy.”
Yes, he claimed Australia is “continuing to lead the pack”! That assertion, illustrated with the inset chart at right, is shamelessly, blatantly false.
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This analysis was published today by Independent Australia. The entire article is available here for free:
https://independentaustralia.net/politics/politics-display/frydenberg-dubiously-claims-australias-lagging-economy-leads-the-pack,15482
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“Alan Austin is a great Australian journalist and,
I think, a pirate. I steal Alan Austin’s findings all the time.”
~ Jordan Shanks
https://www.youtube.com/watch?v=HtV-2X4BjQI