The reason we didnt slide into recession during and post GFC was the continued Chinese demand for minerals. Now that has plateaued and declined, along with what we can get per tonne, we may well slip into recession. More reason for the opposition, minors, independents and recalcitrant senators to drop their populist agenda and work with the government to grow the economy. The LNP did oppose Labors boat policy and economically unwise measures when in opposition. Recall that no long term positions were created by Rudds cheques, the BER, solar panels etc. Its time to take a bipartisan approach as the LNP did with the Hawke/Keating policies. Can Shorten muster the fortitude to look long term, or is he driven by a payback mentality? Investment and demand must increase to avoid the slowdown that began in the last months of Swan. Initial hope from the change of government has been successfully destroyed by opposition negativity and deception stemming from the failure of Abbott and Hockey to explain the need for debt reduction via expenditure cuts. A beat up of leadership change will only serve the media appetite and distract all from the main game. Time for serious measures to be framed, explained and enacted.
Posted on: Sun, 25 Jan 2015 07:53:13 +0000
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