When it’s supposedly structural reform.
Between reading Catallaxy and The Oz, that is all I know here in the Americas about what is going on in Australia. Today’s front page: Frydenberg warns: don’t risk surplus on fiscal stimulus. A-plus-ultra good advice.
There are two potential models for resurrecting the economy, one even provided by Australia itself in 1996 when Australia slashed public spending and then proceeded to balance the budget. All this during a downturn in the economy and just as the Asian Financial Crisis was beginning.
A budget surplus along with zero public debt drove the economy into one of its best periods of rising growth and real wages in our history. Need to ask Philip Lowe and all these other economists why it worked so well. They would not have a clue.
Let me also mention this:
Anthony Albanese criticised the call to overhaul the industrial relations system, saying wage increases should be the main focus of IR reform.
The economic ignorance is fantastic, as if real wages could be raised merely by raising money wages.