Infrastructure investment in Australia is at an all-time low. So is Australia’s federal government net worth and its global ranking on economic growth. Tax-free corporate profits are at an all-time high.
An article published yesterday by online news and current affairs journal Independent Australia has now documented twenty economic outcomes which are the worst ever, or the worst since records have been kept. Yes, 20. Two zero. Twenty!
The article claims this confirms three realities. First, the right-wing Government led by Scott Morrison is generating the worst economic outcomes ever for most Australians. Second, Australia should still have the world’s best economy, as it did under the Labor Party from 2009 to 2013. And third, Australia’s mainstream economics reporters with a few exceptions are craven sycophants who refuse to report these results accurately.
The latest ten fresh records of economic failure follow the first ten documented here last month. Continuing the sequential numbering, they are:
11. Household spending in 2020 declined below spending in the previous year – for the first time ever.
The 2020 consumption expenditure was even lower than the spend in 2018. See green chart, above.
12. Record corporate profits untaxed
13. Record proportion of full-time students forced to work part-time
14. Record proportion of full-time female students obliged to work part-time
15. Record proportion of seniors in their 70s and 80s forced back to work
16. Record size of the public service
17. Productivity stalled disastrously
18. Lowest infrastructure investment on record
That this has happened during a recession – when infrastructure spending is the major strategic remedy – is inexcusable.
19. Worst collapse of net worth on record
20. Lowest ranking ever on economic growth
These add to the list of “worst-ever” outcomes published last month:
1. Australia’s worst recession since records have been kept
2. Greatest waste of any government program on record
3. Deepest budget deficits on record
4. Greatest increase in gross debt since World War II
5. Greatest increase in net debt since World War II
6. Lowest rate of wages growth since records have been kept
7. Record profits as a percentage of national income
8. Lowest rate of company tax and fringe benefits paid relative to profits on record
9. Worst sustained retail slump since records have been kept
10. Worst manufacturing collapse on record.
Yesterday’s analysis by Independent Australia is available here for free:
“Alan Austin is a great Australian journalist and,
I think, a pirate. I steal Alan Austin’s findings all the time.”
~ Jordan Shanks
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