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AUSTRALIAN ECONOMY’S WOES ARE HOMEGROWN: DELOITTE

December 02, 2019

JIM CHALMERS MP
SHADOW TREASURER
MEMBER FOR RANKIN
 
SENATOR KATY GALLAGHER
SHADOW MINISTER FOR FINANCE
SHADOW MINISTER FOR THE PUBLIC SERVICE
SENATOR FOR THE AUSTRALIAN CAPITAL TERRITORY


A new report highlights that the “Australian economy’s woes are homegrown” as we see “soaring profits but weakness in pretty much everything else”.

The economy has deteriorated while the Liberals and Nationals have dithered.
 
In its latest Budget Monitor, Deloitte Access Economics forecasts below-trend growth of 2.2 per cent in 2019-20 and weak wages growth that is well below the Morrison Government’s Budget forecasts.
 
This is below-average growth from a below-average Government.
 
It’s the inevitable consequence of a Prime Minister and Treasurer long on politics and short of a plan.
 
This follows recent downgrades to economic growth by the RBA, IMF and OECD, further highlighting that the Government’s forecasts have passed their used-by-date.
 
The report underscores what so many Australians already know, that no matter how hard they work they just can’t seem to get ahead.
 
Right when the economy needs responsible, proportionate and measured stimulus, Scott Morrison and Josh Frydenberg have a political strategy but not a comprehensive economic plan.
 
Soaring profits and high commodity prices have ensured that the Government can support the floundering the economy without jeopardising the surplus.
 
The Liberals’ lack of an economic plan is leaving the Australian economy dangerously and unnecessarily exposed to turbulence in the global economy.

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