Are we in a Recession? Yes According to Australians!
- June 7, 2017
- Posted by: wpgroup
- Category: Economics
The GDP numbers that came out 0.03% claimed that we have broken a world record is that true certainly not, Japan had positive growth for over 30 years. We were promised jobs and growth and a plan neither has been delivered.
Full time jobs are now becoming a thing of the past families are struggling to meet their basic needs. Wages growth is at an all-time low well below inflation, in other words most working people have received a pay cut as wages are not on par with inflation. Company profits have gone up but wages remain low therefore it is clear profits are retained and not passed on to workers. The data on hand paints a very gloomy picture for the economy.
The fanciful acceleration of wages growth and GDP rising to 3.75% over the next three years is laughable and will not be achieved. The forecast of a surplus in the 4th year is wishful assumptions that cannot be achieved. Regional Australia is in dire straits with businesses going bust daily and unemployment rising in particular for youth that is currently in double digits. Regional areas are like ghost towns with no jobs and money circulating, this notion of decentralising the public service and moving them to regional towns does not increase employment, you are only moving sideways.
Many of the mush room private educators who have been funded by this government are also going bust leaving many who have paid big sums of money for a diploma or similar are left high and dry. At the same time the TAFE system that has been the foundation for those who have chosen has been decimated with funding cuts.
The fiscal management is diabolical we have coal prices that are going nowhere and investment for new mines is not attractive anymore and fund managers have moved away from this market, so from where will Adani get funding.