Henry Thornton, No. 69
Today I have decided to summarise ‘Generation Debt Hit by a Perfect Storm’ and ‘LegaL Braveheart who is a Defender of the rule of Law’.
The first item is the work of Tom Dusevic. ‘As young families in the mortgage belt are smashed by higher living costs, cashed up boomers are on a spending spree.’
Officials in Canberra and Martin Place are forecasting a slowdown in economic activity, inflation receding back to target in two years and a steady rise in unemployment - but not a recession.
Possibly this is achieveable, an example of ‘the narrow path’.
In practice the effects of Jim Chalmers are mired in calamity messaging, as the cost-of living turmoil in the mortgage belt deepens and voters increasingly are demandingly Labor slowing the squeeze on their finances.
A temporary increase in twenty billion positive gives some benefit, but unless an positive continues will at some time get to a ‘normal’ negative amount. Time will tell, but with more usual negative development will require substantive bad news.
In my view, the Australian financial (Reserve Bank) is fighting likely bad debt while the government is spending to much money. Whenever normal spending resumes, trouble will be difficult, perhaps very difficult.
On the page 18 there is a picture of Jim Chalmers and another of Philip Lowe. The text is: ‘Jim Chalmers is mired in calamity messaging as RBA governor Philip Lowe, warns ‘some further tightening of monetary policy may be required’.
Jim Chambers and Philip Lowe
Now it is time to discuss the ‘Legal Braveheart’, no name offered but a long set of useful comments. Immediately, the Australian newspaper told us that Walter Sofronoff KC was the recipient ‘for having the courage to do his duty and lift the lid on legal misadventure that must never be condoned in this country.'
Many examples were offered, with repeated examples of Mr Sofronoff’s ‘reputation for being fearless and fair’.
‘Unlike his new-found critics in the media and the Labor-Green axis in the ACT, Mr Sofonoff has shown himself to be forensic, dispassionate and above politics.'
An unusually brave presentation, The Australian on Wednesday August 9 will cheer readers and provide greater honesty in some people. Let’s us see more material by Mr Sofonoff.