Virtually every new data release confirms Australia’s economic demise under Prime Minister Morrison and Treasurer Frydenberg. Alan Austin updates the tally of disastrous outcomes.
INFRASTRUCTURE INVESTMENT IS at an all-time low. As is Australia’s net worth and its global ranking on economic growth. Tax-free corporate profits are at an all-time high.
The following fresh records of economic failure follow the first ten documented last month.
11. Household spending decline
For the first time, Australia’s ever-growing population spent less last year than the year before. This has never happened since the Bureau of Statistics (ABS) began tracking this in 1989 and probably not since the Great Depression of the 1930s.
Household consumption fell from $1,095 billion in 2019 to $1,041 billion in 2020, despite booming corporate profits and the Morrison Government handing out squillions to its mates. That was even lower than the $1,063 billion spend in 2018.