On the last day of July we provide some further commentary of the state of Australia's economic situation. Last weekend, Paul Kelly posted a brilliant commontary which I wish to extract some of the key ideas.
'Its Jim Chalmers against Angus Taylor. It' about competing economic policy for Australia. Its the Treasurer against the shadow Treasurer; a contest over whether Labor or Liberal is the superior economic manager - the pivotal issue at the next election.
'But the competition is being conducted against a radically different Australian and world economy. This is the age of high inflation, energy transformation, great-power rivalry, rising government intervention, stagnent productivity and, above all, volatity amid rapid and unpredictable change'.
'Labor, in fact, is running a tricky, complex, unusual agenda to restore growth after the coming downturn. It defies past economic orthodoxy that says the best way to boost productivity is a pro-market, economic rationalist approach'. ...
Taylor addresses a traditional approach that certainly strikes my view.
'In flation is still running rempart right across Australia.'
'Prices have gone up by 6 per cent in the past 12 months'.
Taylor says Labor refuses to treat inflation as its 'first, second and third priority' until inflation is fixed.
Labor faces a twin challenge of 'persistent inflation and sluggish productivity'.
'Law No1: genuine productivity are the basis of prosperity and higher realwages'.
'Hearin is the conrum of our times' says Mr Kelly. 'Voters demand that all politicians deliver that politicians deliver security, protections and guarentees - after Covid these demands are stronger that ever - yet these are largely untenable demands and politicians can only pretend to satisfy given the have less and less control over the forces shaping our existance.'
Thanks Mr Kelly for an excellent contribution. The outcome will be dramatic.
Here is a beautiful image of one of Australia's pictures of the Uluru in Australia's centre.
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