Labor must use the burning platform for change. It is more than the Coalition managed to do.
is pointing to a possible economic recession in the United States that is sure to rebound on Australian corporate profits and the economy, including the reduction of superannuation balances.since the depth of the pandemic in May 2020. US shares have entered a bear market, 20 per cent below their peak in January, as investors wait for the US Federal Reserve to stamp the brakes harder on a strong US economy to snuff out the inflation the recovery has brought with it.
The bounceback in jobs and consumer demand in 2021 and 2022 was naturally a massive relief. But not expected were upheavals in global supply chains and labour forces that have made inflated demand hard to meet, topped by the Ukraine war and the new COVID-19 crisis in China. We argued against the Coalition’s cost-of-living election bribes announced in its March budget, which Labor backed but which our reporters later revealed went against Treasury advice.Last week, Treasury Secretary Steven Kennedy blew up the idea that Australia would grow out of debt by itself with no budget action. The sharp rise in global borrowing costs as central banks raise rates has killed that.
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