Nationals MP Keith Pitt says his major worry is Treasurer Jim Chalmers will “emulate his hero” Paul Keating and bring on “the recession Australia had to have”.
“Senate estimates last week brought up evidence that real wages have gone backwards by three per cent,” Mr Pitt told Sky News Australia.
“That’s because the cost of everything is so expensive – it is really, really hard out there.”…(read more)
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The term “The recession Australia had to have” was famously coined by former Australian Prime Minister Paul Keating in 1990. Keating used this phrase to describe the deep economic downturn that Australia was going through at the time. Now, more than three decades later, there are concerns that the current Treasurer, Jim Chalmers, will “emulate his hero” Keating and lead the country into another recession.
Australia’s economy has been struggling in recent years, with slow growth and rising unemployment rates. The COVID-19 pandemic has only exacerbated these issues, leading to a sharp decline in economic activity. With the country teetering on the edge of a recession, the pressure is on for the government to take decisive action to prevent further deterioration of the economy.
Jim Chalmers, who is a self-professed admirer of Paul Keating, has been vocal about his admiration for the former Prime Minister’s economic policies. However, there are concerns that Chalmers may be too quick to follow in Keating’s footsteps, particularly when it comes to his approach to managing the economy.
Under Keating’s leadership, Australia implemented a number of controversial economic reforms, including the deregulation of the financial sector and the floating of the Australian dollar. While these policies ultimately helped to drive economic growth, they also contributed to a period of economic instability and hardship for many Australians.
Some experts worry that Chalmers may be inclined to adopt a similarly bold and risky approach in an effort to revitalize the economy. This has raised concerns about the potential impact of such measures on the wellbeing of the Australian population.
There is also a fear that Chalmers’ admiration for Keating’s policies may lead him to overlook alternative solutions to Australia’s economic woes. It is crucial that the government considers a range of options that prioritize the long-term prosperity and stability of the country, rather than pursuing quick fixes that may have negative repercussions down the line.
Amidst these concerns, Chalmers has a significant challenge ahead of him as he navigates the complexities of Australia’s economic landscape. It is vital that he approaches this task with caution and prudence, taking into account the lessons of the past and the unique challenges facing the country in the present.
Ultimately, the “recession Australia had to have” serves as a cautionary tale about the risks of pursuing radical economic policies without considering their broader impacts. It is imperative that Chalmers demonstrates leadership and foresight as he steers Australia through these challenging times, ensuring that the country’s economic recovery is sustainable and inclusive for all Australians.
Another news person that is a leftie and shows it.
Labor have spent billions on their green energy pilgrimage that are pure inflation
“AnFony AlbaThese”. Has a LISFP. Alrhougfh, I love inflation because it makes me richer. So migration isn’t good. If it goes on for a few more years that’s ok.
This guy has no idea.
What a total flogg this Tom is!!!
No one want's a recession but because of the absolute incompetence and corruption of the liberal governments of the last 10 years and over covid has destroyed our economy. Keating was right when he did it and if these idiots speaking here had a lick of credibility they would agree with needing a recession otherwise inflation, house prices every thing will be much worse. It will be catastrophic for me but I still believe it needs to happen.
Surely some of the blame should be directed at businesses making massive profits, who raised prices beyond what was required. This has caused inflation to be higher than required. Now they have higher wages to pay and a recession on the way. Hope the high profits were worth it BCA…..
With this communist labour super state you can expect some very hard times ahead.
Globalism Max. P-dough agenda Max.
Unemployment Max. Starvation. War. Homelessness. Trans kids. Satan.
All the stuff this traitor commie gov love
You forgot to hammer the old chestnut …" The poor are most affected"
How does Russia that's in a NATO proxy war and sanctioned by the world reduced their inflation to 2.5%. Cheap energy and manufacturing perhaps??
Property prices have got to crash.houseong loans of amillion dollars aren't sustainable.what if interest rates go up to 10 per cent.the govt can't bail out every one
The market has been pretty bad until today it decided to go up. Everyone was practically crying then. She continued to dive. That's what you get when you feel like you can navigate the process on your own. Many thanks to Scarlett Morris. I am not worried about how bad the market is because my assets are insured due to your advice and I continue to receive my profits.❤
Does this so called news reader actually know what he’s talking about.
Actually well done to Tom the presenter, he grilled Keith and exposed his ignorance.
Remember Scomo rebuked his decision for gas exploration license!
What’s going to happen to the 1.5 million people who are coming into Australia
Jimbonomics have shattered our Economy and Energy Sector.
Far left Socialist Labor incompetence on full display.
Well done to the spuds who voted for Socialist Albanese.
I am pretty sure Tom is a far lefty….probably should be at the ABC…..with Tingle & Co
Keith tells him a $Billion added to fuel costs(6% excise increase)across Australia re Heavy Transport and the spud goes….." oh, a Billion…thats not much"
That excise increase goes straight onto the grocery bill at the Checkout.
Lol
Wtaf.
Wow…old Tommy is quite the activist, uneducated, pog headed far lefty….
Tommy not understanding that Tony Burke & Albos far left Union Loving IR Bill will destroy Businesses…ie, if Labor costs are too much to justify operating a business then there will be no point operating said businesses…
…..
Far Left Socialists are guided by ideologies as opposed to real world realities.
Socialism = destruction
Is this another recession that we had to have?
Just say NO to Labor!
As usual the libs and thier deluded fans forgetting (or in denial) who really caused this mess ,,the 25 billion the coalition wasted on independant advisors in thier last 2 years in office would be handy now
Higher energy costs will leed to inflation!
Clasic ABC trained comentator who talks over people. So disrespectful.
It didn't take Labor long this time to plunge the country into recession. Ultimately the problem gets back to energy costs as that is the fundamental input to industry.
Chalmers is a free-market fascist forcing Australians to live in dire poverty to benefit private sector interests.
The ALP are inhumane fascist farks serving private interests rather than public and only half a step behind the dire despotism of the LNP.
The recession we deserve to have!
Due to decades of weak and poor leadership.
Keating old bugger said hes happy to see australia coffee colored. He and hawke sign trade deals with china big mistake he wont admit.
Recessions are a normal part of a healthy economy. It's called the business cycle, look it up. You can't have boom time all the time, it's unsustainable. And right now we're copping the worse of it, higher prices everywhere with lower levels of service (due to labour market shortage). Get that interest rate up high to cool down the economy, scare out the speculators and have people live within their means.
It's global not just Australia, WEF covid plan is to blame and the sheep that allowed it
Even a broken clock is right twice a day! We do need a recession, they are needed to clean all the unproductive businesses out of the economy and ours has become extremely unproductive from 30+ years of both LNP and ALP Governments kicking the can down the road. We also need the ever increasing regulations bought in by the Duopoly to be cut back and new energy policies, but they're different subjects to debate.
i am sure if governments past and present actually made major corporations especially mining companies actually pay tax….Australian people probably wouldnt be doing it so tough….
Come on Jimmy, give us The Great ALP Depression we deserve for voting in you Dumb Ass.
I didn't like Keating, but i can't stand Charmless.
This is what happens when you have a Labor run government,
This is where chalmers PhD on the life and times of Paul Keating will come in real handy. Zero education or experience in running an economy, but he knows all about his hero Keating