Australia’s economy ‘dead in the water’ (SkyNewsAustralia)

Fresh economic data due out on Wednesday is expected to show just how “dead in the water” Australia’s economy is, says Sky News host Sharri Markson.

The GDP data is tipped to reveal that Australia’s economy grew by as little as 0.2 per cent in the June quarter.

“This would put annual GDP growth at just 0.9 per cent for the year, and ... this would be the slowest pace since the 1990s recession,” Ms Markson said.

“The weakest economy in more than 20 years.”



The only reason the Australian economy is growing is because of 'population growth', which is coming from mass migration. In other words the Australian economy is not self sustaining without an influx of people and capital. 

The solution is to push interest rates down because of the debt bubble that was blown previously, close the border to stop housing/rent demand (and other inflation) caused by mass migration, to change the tax rate for goods produced overseas, to make them more expensive, in order to reverse industrial outsourcing, and to enact policies to reduce energy costs via ramping up cheap energy production from coal and gas (that have historically done the job), and to make these public utilities.

Another longer term plan to lower costs, and help the economy, should be the reestablishment of a large domestic oil industry. Cheap fuel means cheaper transportation costs. Also, at the local level, councils should be lowering rates and other charges, plus lowering their own salaries, in what would be a deflationary environment.  

[Posted at the SpookyWeather2 blog, September 4, 2024.]