As the Opposition sat in silence the new Federal Treasurer Jim Chalmers delivered, if not a grim report, a somewhat confronting update on the state of the economy to Parliament yesterday. Referring to the trillion dollar Liberal Party debt inherited by Labor, and the cost of servicing that debt was one aspect of the report. There were several other negatives, such as restricted wage growth, rising inflation and increasing interest rates for borrowers. However there was a couple of positives, including and expectation that Australia will avoid a recession through economic growth, and therefore unemployment will remain low. Housing affordability is of great concern, and lack of supply coupled with rising interest rates will have a major impact on rents and mortgages. Income tax cuts for the highest earners is still on the agenda and spending in the areas of infrastructure, energy, health etc are still earmarked to take place as promised by Labor during the election campaign. Labor didn't create the economic mess, but it was voted in to fix it.

Anyone interested has already seen, read or heard it in the media. Same old same old. Nothing that a reasonably astute person wouldn't already know. Even had the expected blaming of the previous government. Yawn! Both sides do that, which just sets the scene for future excuse-making when the current government stuffs up over the next three years; and stuff up the Socialists will, with grand gestures, virtue-signalling, weather wankery, economic illiteracy and general incompetence. Not much different from the previous government.

Hi Paul,

The economic problems seem to currently be global ones.
The US is also hard hit at the moment. As I'm sure so are
other countries. The federal treasurer backs long term
wages growth, untangling the supply chain issues and
helping with childcare costs to lift Australia's economy
We're not the only country grappling with a large increase in
cost of living pressures.

However it seems that there is a plan, especially for
strong sustainable wages growth.

Chalmers admitted to two election lies: that the Socialists would reduce power prices and increase wages. But, he said that will not happen. It has taken only a couple of months for Labor-lies to be revealed. It's just too awful to contemplate what other lies and incompetence will be revealed oved the next long three years

Hi Paul,

The Reserve Bank's May Monthly Statement said:

"More broadly the Australian economy remains resilient
and is expectant to grow strongly this year."

Also Australia's growth rate is remaining strong at 4.2%,
according to the International Monetary Fund (IMF).

All we need is for the government to be supported and
allowed to put their plans into action.

We don't need any negativity at the moment. Negativity
encourages - inaction - which doesn't achieve anything.

The treasurer is letting us know that they do have plans
to deal with the challenges we're facing.

ttbn,

Did you watch Chalmers, he didn't say Labor would not reduce power prices and would not attempt to increase wages, actually increase disposable income, through benefits such as child care cost reductions, PBS cost reductions, increased funding for Medicare to reduce out of pocket expenses etc. If you did watch you either lack comprehension, or lie.

What is your ONE NATION proposals to help Australians through tougher economic times, the GREENS have policies in that area, where are yours?