5 years ago
SIX YEARS OF FAILURE ON THE ECONOMY
JIM CHALMERS MP
After six years of the Liberals, the economy has slowed substantially, Australians are struggling, and the Morrison Government has no plan to turn things around.
Today marks six years since this Liberal Government was elected and its report card makes for disappointing reading:
Today marks six years since this Liberal Government was elected and its report card makes for disappointing reading:
- Economic growth is at the lowest levels since the Global Financial Crisis;
- 1.8 million Australians are looking for work or for more work;
- Wages are growing at one sixth the pace of profits, with this Government presiding over the worst wages growth on record;
- Household debt has surged to record levels, increasing by $650 billion under the Liberals;
- Economic growth per person is going backwards;
- Productivity is going backwards;
- Business investment is down 20% since the Liberals came to office, and now at its lowest levels since 1990s recession; and
- Net debt has more than doubled.
This is what happens when a Government spends six years pointing the finger, shifting the blame and making excuses.
While the Liberals are popping champagne corks and congratulating themselves, Australians’ wages aren’t keeping up with the rising costs of childcare, electricity and health services.
Six years, three prime ministers, three treasurers and yet still nothing that resembles an economic policy to grow wages and the economy.
All they are left with after six years of finger-pointing and blame-shifting is the slowest economic growth since the Global Financial Crisis, stagnant wages, declining productivity and living standards, and record public and household debt.
Scott Morrison and Josh Frydenberg should bring forward a budget update to fix their forecasts and properly outline an economic plan that supports the floundering economy and better safeguards it from global risks.