'We are heading for a deep global recession' | Sky News Australia

Former treasurer Wayne Swan has told Sky News Australia he believes “we are heading for a deep global recession”. In order to prevent the country from slipping into recession, Mr Swan said the Morrison government must “act; act decisively and act quickly”. “In many ways, it does mirror what happened through the Global Financial Crisis, which in itself became a deep global recession and threatened to become the Great Depression part two,” he said on Tuesday.

“They had the governor of the Reserve Bank of Australia last year advising them last year to stimulate the economy because it was very weak and consumption was low, and they didn’t take that advice then so we go into this episode far weaker than we should have been had they acted last year.” Despite this, Mr Swan said he supported the government’s $17.6 billion stimulus package which was announced last week.

SwannyQLD Hopefully it does not become a depression .

SwannyQLD No, we're not. He was the worst treasurer in history. An idiot.

SwannyQLD Telling the obvious

SwannyQLD What a genius. Wow!

hannj666 SwannyQLD Swanny is no doubt right & the clueless government muppets in Canberra are sitting back scheming up little 'stimulus packages' that won't even hit the sides!

SwannyQLD 7yrs of tinkering during dream economic run MissedOpps shutdownaustralia

SwannyQLD You'd love that as that's when the left thrives. They feed off people's misery and suffering.

SwannyQLD Then we must be going to go through the biggest boom in history.

SwannyQLD Yeah don’t U worry buddy ! Got ur govt funded pension .....indexed ?

SwannyQLD

SwannyQLD Swann off down the river

SwannyQLD Lucky us we have the superior economic managers steering the ship. What’s that ‘iceberg dead ahead...’

SwannyQLD Oh, good. That will cheer us all up no end.🤬

SwannyQLD

SwannyQLD

SwannyQLD 😃

SwannyQLD Stating the bleeding obvious 😱

SwannyQLD No shit Sherlock 🙄 Next he’ll be saying if he was in , it wouldn’t happen 😂

SwannyQLD There's no shortage of captain obvious's atm.

SwannyQLD Unfortunately I think he is right which will suit China's objectives very well.

SwannyQLD Thts very true. It’s coming.

SwannyQLD SwannyQLD now a rocket scientist 🤣🤣🤣 Couldn't balance books when treasurer, now offering financial commentary You couldnt make this stuf up gold

SwannyQLD

ljayes SwannyQLD Don’t you love all this positive talk, I don’t think things will be as bad as some people paint it. Since shares are now low then perhaps now is the time to buy?

SwannyQLD Oh really it takes this fool to make that kinda of starement

SwannyQLD Yet consumer purchasing is way up...www

SwannyQLD No shit sherlock

SwannyQLD Swanky is on the money. Australia is facing an economic crisis the likes of which we have not seen since the early 1930s, when people, inc large numbers of unemployed casuals & retirees who have been badly impacted by the stock market crash, stop spending money & stay at home!

SwannyQLD and china will come out on top cause they ahead of everyone with the virus cause they have had it dinve nov but fidnt tell anyone til jan this year so its already slowing down

SwannyQLD Geez, ya think? Not just recession, but depression. The consequences of this virus are going to ripple through all industries in massive ways.

SwannyQLD This must be one of a few people happy at Australia’s predicament at the moment. Must be praying for recession . There will be others in labor who feel the same .

SwannyQLD Could be correct, too.

SwannyQLD Why? 620 Australians died of the flu last year and it was described as moderately bad, 5 die of corona and the country shuts down. Why?

SwannyQLD Wow, just wow any wonder he was once worlds best treasurer with insight like that..😂😂😂🤮🤮

SwannyQLD Really.. What a bloody master mind! What tipped you off SwannyQLD

SwannyQLD This is what happens when the world is owned by China! We could have avoided this all if china closed it's borders!

SwannyQLD what a difference 24 hours makes

SwannyQLD Hang it up Pinocchio

SwannyQLD What a genius. FFS.

SwannyQLD The liberal bots are out today in force lol

SwannyQLD Thanks Scoop.

SwannyQLD Mr Swan...needs to crawl back under his rock instead of trying to get bit of publicity with his predictions that are already public knowledge...

SwannyQLD Thanks Einstein

SwannyQLD All hail........the world's greatest treasurer (ever) has spoken 🙄🙄🙄 legend in your own lunch time, old boy

SwannyQLD says the man who broke us

SwannyQLD Please slap me vigorously across the face if we have not seen the back of the disastrous Rudd-Swan hit team on what was once Australia's impeccable economic rating. I guess we also have to credit the ones who hated us within the U.S admin at the time.

SwannyQLD Wow he’s clever 🤦🏻‍♂️

SwannyQLD

WeTheVoters2013 SwannyQLD Not wrong! Why Morrison&LNP got their Rorts in early?

SwannyQLD You don’t need to have been a former treasurer to work that one out.

SwannyQLD Nothing gets past Swanny.

SwannyQLD Yeah it's a Pandemic recession SwannyQLD

SwannyQLD Great one swanny!but you don’t need to be Einstein to work that out !but thanks for being honest with us

SwannyQLD Oh you are good...... 🤦‍♂️

SwannyQLD Its not rocket science markets down 30% hardly a bold prediction

SwannyQLD swanny all ways late tot the party another useless Labor person

SwannyQLD Why listen to him? 👎👎👎

SwannyQLD Amusing how labor can call it after its been mentioned!

SwannyQLD You mean he is hoping for a recession.

SwannyQLD So we definitely aren’t then.

SwannyQLD If it wasn’t for Howard/Costello government surplus that was there when Labor won that election you couldn’t have done anything. So stop bragging you guys used up all that surplus and NEVER delivered a surplus at all

SwannyQLD That would be Karma ozcrimenews

SwannyQLD NO !!

SwannyQLD Mr Surplus Swan preaching all things economy, LOL.

SwannyQLD My mother-in-law who is 86 and has played the markets most of her life, said yesterday that she predicts another depression... not recession but depression. She is very old and very rich so I tend to trust her opinion.

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