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  • Writer's picturePete Jonson

Henry Thornton, No 65

Updated: Jul 31, 2023

We start today with a lead article presenting Paul Kelly in the Aussie's Enquirer. Now the experts are working with the question, 'Is Australia going into a hard downturn.' I say 'probably'. My logic is that mad spending cannot stop a hard downturn. Raising interest rates and a large drop in productivity are sure signs that things will soon be bad.

Mr Kelly cites Jennifer Westacott, Warren Hogan and Tony Burke. All worked hard to discuss small slowdowns vesus large slowdowns. As noted, I support the stronger view that there will be a large slowdown. Warren Hogan argues that the government has no experience of bad economic performance and will cheerfully complain about rising interest rates and spend an enormous amount. This cannot result in a soft landing for Australia.

Jennifer Westacroft makes an important point: 'Why do we want to make the economy more rigid? What are we trying to fix here? It won't help the productivity disaster that we are currently in? Surely Messrs Albanese and his mate running the Treasurer should not try this mad idea. Spending big while paying all worker groups the same salaries for various types of jobs is no way to fix the economy.

The AFR also enters the season with some nice articles. 'Playtime' is the (colored) heading on P1, sadly in Black and White. 'In the past decade the technology sector has been a workers' utopia, with climbing walls and 'wellness perks' to lure talent. Now, the tables have turned as belts tighten and managements gets tough'.

This edition of the AFR contains many nice articles, but my eye was focussed on the robodebt scandal. The lead article says 'Sobering lessons from systems that went rogue' and Laura Tingle has added an article titled 'Welfare bashing'.

Do read Mr Kelly's 'Labor Enters the Danger Zone'.

Have a good week, dear readers. You may be keen to know that my weekly readership has made a wonderful improvement.

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