Economy still weak under Coalition

Many trumpet the economy as a strongpoint for the Coalition.

But what is the reality?

They took gross debt to 28% of GDP, before the pandemic hit, registering the worst fiscal record of any government since the Second World War.

Now, following the pandemic, gross debt is at 42.5% of GDP, more than twice the 20% of GDP left by the Labor government in 2013. It currently projected to rise to 44.9% in 2024.

Inflation is rising and interest rates will go up very soon. Consequently, cost of living is a talking point at almost every kitchen table.

The Morrison government may point to its low unemployment rate but we know that the closure of our borders has taken pressure off those competing for jobs. We also know that ‘employed’ includes people working just one hour a week. Many have been forced to work multiple jobs each week. Half a million people are still unemployed.

If the Coalition does win the election because of perceived economic prudence, it will be on a very false premise.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s