The toughest thing is to put the past into its proper context.

>>We are simply not self sufficient as a nation because of free trade, we make nothing in comparison to the Australia of the 1970’s<<

As I recall, during the seventies, most of the economies to the north of us were relatively dormant. Japan of course was well on the way to becoming the dominant force in electronics and car manufacture, but Korea, Vietnam, China etc. were fledgling at best. So, while we stood still and watched, these economies became the manufacturing centre of the globe, and we became one of their many customers.

Think about it for a moment.

If back then we had chosen to protect our own manufacturing industries from overseas competition, everything you see around your house today would have been massively more expensive - most of it completely unaffordable to the average household. Our economy would have tanked, and we would have been even more reliant on mineral exports to survive, to the point where the only foreign currency available would be funneled through the mining businesses. Which, by the way, would have to be totally owned by overseas companies, as we would not have the internal capacity to raise the capital necessary to finance the mines in the first place.

And introducing protective measures today would have the same result, except that the population - having experienced a reasonable standard of living for many decades - would take to the streets en masse, and start lynching politicians on sight.

So, not all bad, then...

SOG,

What tripe. The depression in the late 1920s started off as a recession, then as some countries put up trade barriers, so others did too, and it became a full scale depression, far worse than the GFC.

If you think that putting up tariffs would not trigger a response you are delusional. If our main trading partners put up tariffs against our products, our manufacturing would collapse.

Aussieboy,

Some day you may grow up to be an Aussieman.

Dear Shadow Minister
Thanks for the personal attack I take it your argument ran out of steam

Thanks for your input Pericles. Thanks for your astute posturing that we are better off under a free trade market.

My only rebuttal to your nonsense is to quote you the Australian household debt to disposable income ratio. In 1970 household debt in Australia was less than 22% of disposable income. In 2013 it was 178% of disposable income. Inthe 1970's the majority of that debt was for the family home.......less Aussies own their own home today than they did in the 1970's.....but we have plenty of cheap imported non essential products in our rented accomodation.

Are you and SM bankers......because only bankers could relish a nation in dire debt, and they do....their huge profit margins example that....and SM do not dribble out your line of the banks working on a profit margin of 1.5%....because that is rubbish as well. The figures I quote are now standard debt ratios for the whole first world.

Aussieboy,

If you submit idiotic and irrelevant posts that have spelling and grammar that would shame a 10 year old, then don't expect to be taken seriously.

Dear Shadow Minister
Please control yourself
You did use England as your example and I pointed out all the social problems it created then you got personal so ill take that as a win you ran out of argument. also spelling and grammar We are on a forum not writing legal documents , So when you think you have a solid argument come back to me. To me you sound like a poor little rich boy crying over daddy money and think this gives you the right to hoist your Ideas on People that actually work and work hard for a living.