SYDNEY - Analysts have again trimmed their forecasts for Australia’s economic growth as consumers struggle with high debt and sluggish wages at home, while a slowdown globally weighs on business investment plans, a Reuters poll found.
Growth was seen picking up modestly to 2.5% in 2020 and 2021, still short of the 2.75% that is considered trend. Early signs suggest this has reignited demand for housing and driven home prices higher after two years of decline, but it has yet to revive business or consumer sentiment. The conservative government of Prime Minister Scott Morrison has resisted calls for more fiscal stimulus, preferring to stick to a political pledge to deliver budget surpluses instead.
Isn't global neoliberalism fun. Always the consumer and the plebs suffer, whilst fat cats in Canberra, swill on our tax dollars.
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