Mar 7, 2014

Cheer up, Joe: why the economy is doing better than Hockey says

The recent series of economic data illustrate the flaws in the government's economic narrative, write Glenn Dyer and Bernard Keane.

The pile of economic data we’ve had over the last fortnight, and some observations from Treasurer Joe Hockey about it, gives us an opportunity to assess how the government’s economic strategy is comparing to reality.

“Government spending needs to be directed to the highest-priority areas, particularly to high-quality infrastructure that will support private sector growth,” Hockey said in response to this week’s GDP figures. “Along with a focus on practical reforms to boost participation and productivity, these measures will build a basis for sustainable growth into the future.”

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8 thoughts on “Cheer up, Joe: why the economy is doing better than Hockey says

  1. MJPC

    Penalty rates cut, wages drop; “rates rise looms” higher mortgages – end of boom times in real estate…recession?
    Uncle Joe will be a real saviour if he unleashes those horsemen of the financial apocalype in the mortgage belts.

  2. klewso

    The Abdominal Showman.

  3. AR

    And SerfChoices will rise from its undead grave.

  4. Jimmyhaz

    The economy will not be at full employment during the LNP’s entire reign.

    That is a direct effect of their ‘fiscal policy’.

  5. DiddyWrote

    Poor old Joe, he is so keen to start enacting Austerity Measures and get the Fire Sale of Government Assets under way he can’t seem to wait for there to be an actual recession and fiscal crisis.
    Don’t worry Joe, I’m sure by the end of your tenure the economy will be well and truly b*ggered.

  6. zut alors

    Joe was so busy parroting gloom & doom during the Rudd/Gillard/Rudd governments that he appears to have gathered momentum & is now unstoppable having convinced himself the Oz economy actually needs saving.

    Once he achieves less disposable income for the nation it’s unlikely the economy will hum.

  7. Jimmyhaz

    Yep, but on the upside business profits will be at record highs!

    And lets face it, business profits and stock market results are the only indicators of economic health that really matter.

  8. R. Ambrose Raven

    Brutal Austerity is the whole idea. Why is that behaviour so difficult to recognise when it is being practiced in Europe and the U.S. with religious zeal?

    In Europe and the U.S. the filthy rich – the 0.1% – have done very very well from brutal Austerity; to plunder similarly here, they need to inflict similar pain. Therefore, as representative of the filthy rich and of transnational capitalism Abbott the Hun’s agenda (equally driven by Hockey the Hatchet-man) is in fact quite open, quite simple, and quite brutal – to wreck the economy so as to indirectly force the massive cuts in wages and income transfers that that stratum has so far been unable to inflict directly.

    While doing obvious damage may take a long time, post-1980 deregulation has done much to render our economy and society more fragile and more stressed, notwithstanding its paper wealth. It took a quarter of a century for the commoditisation of dwellings to reach the entirely foreseeable situation of the median dwelling being unaffordable for the median household. Fear not, we are now there.

    Wrecking CFEC and the car industry, Qantas and SPC, signing up to “free” trade “agreements” with Investor-dispute clauses, importing even more sweatshop coolie s457 visa workers, giving lots more public money to private schools and none to government schools, $7 billion on Direct Action as useful extra lead weight (which will – as intended – benefit polluters), and the RBA being given $8.8 billion that it didn’t want or need, are all breathtakingly brazen and naked wastes of money that nevertheless add substantially to the budget deficit. Crucially, they thus become an excuse for cuts of a similar magnitude to household-oriented Budget programmes.

    Thus Abbott the Hun and his henchman Hockey the Hatchet-man will ensure the necessarily large losses of jobs and opportunities to destroy our wages, our lifestyle, and our future. Note how “awards”, recently made a minimum safety net, have now been blessed by Abbott the Hun as the new industry standard.

    You want to see our future as the Noalition would have it? Look to the fate of the ordinary people of Spain, Europe, the U.S. or Britain. It is after all the fate of the ordinary people; the filthy rich are doing very nicely thank you very much.

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