It may yet turn out that this was a good election to have lost


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If that slowdown becomes entrenched, Australia will tip into a recession for the first time in a generation with all the consequences that will follow. This includes an indelible political context.


After six years in office, the Coalition cannot reasonably blame its predecessor for tepid wages growth, weak productivity gains, spiralling household debt, a doubling of net government debt, and a depreciation of the Australian dollar by about 30 per cent since a Tony Abbott-led government took office in 2013.


Interest rate cuts may further weaken the dollar. This would be good for commodities exporters, bad for consumers.


A booming property sector fuelled by easy credit and lax Foreign Investment Review Board strictures on Chinese money flooding the market contributed to an illusion of wellbeing, the so-called wealth effect: or, perhaps, better described as the “wealth illusion’’.


Article source: https://www.watoday.com.au/politics/federal/turnbull-condemns-nazi-flag-on-army-vehicle-in-afghanistan-20180614-p4zlcw.html?utm_medium=rss&utm_source=rss_politics_federal

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