Sky News Business Editor Ross Greenwood says the Albanese Labor government’s “honeymoon” period has officially ended with serious rising challenges that can’t be placed on the previous government, as a recession looms….(read more)
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The Federal government ‘honeymoon’ is officially over as serious rising challenges earmark a potential recession. The once promising start to the new administration, filled with hope and optimism, is now being overshadowed by a series of economic and political issues that threaten to derail the progress made thus far.
One of the major concerns at the moment is the escalating inflation rate. Prices are on the rise across the country, affecting everything from groceries to housing. This surge in prices is putting a strain on households, particularly those with lower incomes, who are struggling to make ends meet. The Federal government must address this issue urgently as millions of Americans face the prospect of economic hardship.
Additionally, the ongoing labor shortage is causing significant disruptions to various industries. As the economy reopens from pandemic-induced shutdowns, businesses are finding it difficult to hire employees. This labor shortage has led to supply chain disruptions, slower economic growth, and reduced productivity. Moreover, it has sparked a debate on issues such as minimum wage, job security, and worker rights, posing significant challenges to the Federal government’s ability to find a suitable resolution.
Another factor contributing to the mounting challenges is the recent surge in COVID-19 cases. The highly contagious Delta variant has prompted concerns about another wave of infections, leading to potential shutdowns and restrictions. This increased uncertainty further rattles the already fragile economy and puts pressure on the government to act quickly and decisively.
Furthermore, the mounting political polarization in Congress is exacerbating the challenges faced by the Federal government. Infighting and gridlock prevent the passage of necessary legislation, hindering the government’s ability to address pressing issues effectively. This lack of bipartisan cooperation threatens the stability of the economy and undermines public trust in government institutions.
These challenges have collectively raised concerns about the possibility of a looming recession. While it is impossible to predict the exact outcome, the warning signs are evident, and decisive action is needed to prevent a significant economic downturn.
In response to these challenges, the Federal government must prioritize collaboration and innovation. It’s essential to establish a bipartisan approach that addresses the major concerns affecting the economy, such as inflation, the labor shortage, and the ongoing pandemic. Finding common ground and working towards practical solutions is crucial for restoring economic stability and fostering public confidence.
Furthermore, the government should consider targeted stimulus measures to aid struggling industries and incentivize workforce participation. By offering financial support, tax incentives, and retraining programs, the government can help bridge the gap between job seekers and employers, boosting economic growth and stability.
In conclusion, the Federal government’s honeymoon period has undeniably come to an end as serious rising challenges earmark a potential recession. We are at a critical juncture where rapid and effective action is needed to avert an economic crisis. By addressing issues such as inflation, the labor shortage, and the ongoing pandemic in a bipartisan and innovative manner, the government can set the stage for economic recovery and regain public trust.
Stop the green energy BS, then we can get back to normal.
If you bought a house and borrowed money which you paid interest on to the lender ( holder of wealth). If the cost of borrowing increases is this increased cost counted as part of inflation?
If rent increases is the increased rent for a house considered to be part of inflation? If they are both not part inflation why is that?
Recession fears mount on Wall Street and inflation remains well above the Fed's 2% target, some of the top commentators in markets, business, and economics have been sounding off on just how bad they think the next downturn might be — and how far stocks may have to fall. I need ideas and advice on what investments to make to set myself up for retirement, my goal is to have a portfolio of at least $850k at the age of 60.
With low rates creating so much unserviceable debt, gov and private. Inflation that will be persistent. Pressures on energy supply from pursuing issues that are not logical or consistent, plus the global support for more military conflict. I would say batten down the hatches.
These problems are made by the govt. and they are doing more of the same. Importing 700000 unskilled foreigners, spending like a drunken sailor, destroying Australia with the racist voice, shutting down industries e.g. live animal exports, shutting down power with and insane drive to net zero. You can’t make this stupidity up.
Yawn, more SKY hogwash.
Honeymoon huh? Well Albo certainly "F'ed " his bride (Aussie citizens). Give it to him, Albo is a real goer & doesn't let up, no matter how dry the bride is !!!
It's a scam, they couldn't kill you with the virus so they will kill you with financial crisis, don't play their game, take your money out of the banks,
Who owns the central banks? I hope it's not Vanguard and black Rock, anyone know?
Whatever happens. Australia should start looking at how it can be apart from and try to BREAK AWAY from the coming global Digital Currency control system ( Central Bank Digital Currency ). Why ? They – European banks are soon to be heavily targeted, attacked and consistently CYBER ATTACKED by the best out there to successfully do so. ANONYMOUS. I saw one of their recent clips. They ARE planning to do this – and they are QUITE CAPABLE to do so.
In my view the Labor party doesn't care at all about what is happening to the voters. What is important is the voice and the renewable rollout and the destruction of fossil energy, our industry, and the quality of life for most Australians. Labor governs for its own constituents and the rest may complain as much as they like because nothing will change.
The Labor government is controlled by the socialist Left and it will entrench itself to govern for the next few decades come hell or high water.
fuck the UN and blackrock.
The price gouging bubble is going to burst, and businesses will go bust unless they significantly reduce their prices
Based on the opinion polls, the honeymoon is still going. Still going strong actually.
Come on Sky News, you guys are the best. You guys are the most "in touch" of all the outlets.
You guys are better than this.
they will blame the rba, abbott, climate change, putin, anyone but themselves
We're already there have a look at building companies, trucking companies and small businesses going bankrupt. Labor always destroy the economy
Only fools vote modern labor or the greens
It's been over for months.
One last thing why are governments refusing to investigate excess deaths that are continuing to climb.?
The Bigger Govt gets the bigger YOUR problems get.