After six years of various prime ministers and treasurers, internal warfare and amateur government, Australia has just recorded its worst financial year since the 1990-91 recession. Josh Frydenberg thinks it’s a sign of a good year in the rose garden. As I said, they are consistently good at being bad. Everything points to another financial year of much the same consistency.
They will place all their faith in an extremist neo-liberal orthodoxy of old monetary policy that might give them a Clayton’s surplus and a recession just to top it off.
My thought for the day
The notion that a few privileged individuals can own the vast majority of a countries wealth and the remainder own little is on any level unsustainable, politically, economically or morally. (John Lord)