Australia’s Labor Party Treasurer Dr Jim Chalmers sends the country broke, has not held a real job in the private sector
From Macrobusiness
The head of Deloitte Access Economics, Pradeep Philip, gave one of the best summaries of Wednesday’s Q3 national accounts release from the Australian Bureau of Statistics (ABS), noting that the private sector was being “clobbered” and the economy was “stuck in the mud and spinning its wheels”.
“With little headroom for further fiscal stimulus and with the private economy clobbered, the case for a rate cut is strong”, he said.
“But with the Reserve Bank of Australia maintaining a hawkish outlook on inflation, a rate cut may well come later rather than sooner”.
CEO of the Australian Industry Group (AIG), Innes Willox, gave a similar assessment, noting that the private sector is in recession and shedding jobs.
“The data shows much of the private sector faces recession-like conditions. It is only a flood of government spending in recent months that is masking the true picture in the broader economy”, Willox said.
“It is clear the non-government sector of the economy, the private sector, is in contraction and you could then argue it is in recession”.
“There is a big transfer between the private sector and the public sector at the moment”.
“The private sector is shedding jobs to the public sector, which is picking up jobs. But are they the productive jobs we want?”.
“The real problem we have here for the economy is that the private sector, which is the engine room of the economy, is slowing quite dramatically”.
“An economy increasingly dependent on government spending in lower-productivity industries is simply not sustainable”, he said.
The Q3 national accounts, according to Coalition shadow treasurer Angus Taylor, demonstrated how the Albanese government had failed the public by relying solely on migrants and public handouts to sustain the economy, thereby increasing inflationary pressures.
“This outcome reflects the complete and utter failure of Labor’s big Australia, big government policies”, he said.
It is difficult to disagree with the above assessments.
The seven-quarter per capita recession is the longest on record, masked by unprecedented population growth.
https://www.macrobusiness.com.au/2024/12/australias-private-sector-clobbered-by-recession
Dr Jim Chalmers’ qualifications and occupation before entering Federal Parliament. Permanent public servant never had a real job
- PhD (Australian National University).
- BComm (Griffith University).
- BA (Griffith University).
- Research officer at the Department of Premier and Cabinet (Qld) from 1999 to 2001.
- Tutor in politics and public policy at Australian National University and the University of Canberra, 2001.
- National Research Manager for the Australian Labor Party from 2002 to 2004.
- Media Adviser to the Shadow Treasurer from 2005 to 2006.
- Deputy Chief of Staff to the Leader of the Opposition, 2006.
- Senior Adviser to the Premier (NSW) from 2006 to 2007.
- General Manager of CPR (Qld), 2007.
- Deputy Chief of Staff and Principal Adviser to the Treasurer from 2007 to 2010.
- Chief of Staff to the Deputy Prime Minister and Treasurer from 2010 to 2013.
- Executive Director of the Chifley Research Centre, 2013.
