Voters driven to distraction by Morrison’s short-term splurge

Labor leader Anthony Albanese uses a bus metaphor to describe the Morrison government’s approach to the economy.

We know the destination that Treasurer Josh Frydenberg will be telling us on Tuesday night. He’ll tell us that Australia will lock in its post-pandemic recovery with big new spending on aged care, mental health, childcare and infrastructure. Soaring house prices are not adding one jot to productive capacity. And as Scott Morrison has been telling us with the withdrawal of the JobKeeper subsidies: “You can’t run the Australian economy on taxpayers’ money forever.” It’s just as true of investment.

And far from the feared unemployment rate of 15 per cent, it peaked at exactly half that. By the end of this year the Reserve Bank. Which is about where it was as Australia headed into the pandemic at 5.2 per cent. And the other engine, monetary policy, is also super stimulatory. The Reserve Bank is not only holding official interest rates at a record low 0.1 per cent, it’s also continuing to pump another $5 billion a week of liquidity into the bond market to suppress market rates.

Labor will support the big new spending on aged care, mental health, child care and infrastructure. It won’t stand in the way of tax relief. The government has a magic trick here, however. Frydenberg says that “by growing our economy we can maintain a steady and declining ratio of debt to GDP over the medium term as we continue to move towards balancing the budget”. In other words, grow our way out of debt. No painful cuts to spending, no tax increases.

Time for you to go

His only long term plans are to stay in power to maintain his ego and earn lots and lots of money. Nothing to do with the people, the economy or the environment.

His plans are to do the bidding of US policy

No he’s not. He and his government are purely “notional”.

Having no plans is not a mystery. Try better.

Having all his mates around for a pre-rapture BBQ.

It's not 'rebuilding'. It's just stealing and wasting other people's money.

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