Friedenberg’s sermon was based on rusty disks

Is Australia’s recovery leading the world? The biggest economic shock since the recession? There was a rule against misleading Parliament. Does not seem to write anymore Alan Austin⁇

It was the worst balancing act ever experienced in Australia’s life memory. His deception and contradictions can be seen in the budget documents and the concessions of the treasurer.

Naked lies

Treasurer Josh Friedenberg told parliament:

We have experienced the biggest economic shock since the Great Recession. Our redemption leads the world. Faster and more powerful than the US, UK, Canada, France, Germany, Italy and Japan.

The economic trauma caused by the epidemic was not so bad after the depression. Some developed countries are in recession for more than a quarter of 2020. During the recession of the early 1980s and the global financial crisis (GFC) many have been in recession for years.

The claim that Australia’s recovery is “leading the world” is one of the easiest lies to prove a lie in budget history. Australia is not as big as its leaders.

There are 58 highly developed countries on the UNDP list with a population of over 300,000, which have a current annual GDP growth rate. Australia’s weak 4.2% in the December 2021 quarter ranks 43rd out of those 58 countries.

Ed, and France?

France, the United Kingdom, the United States, Sweden, Spain, Austria, Belgium, Norway and Portugal all grew by more than 5%. The Netherlands, Italy, Hungary, Greece, Singapore, Saudi Arabia and Poland rose more than 6%. Ireland, Israel, Turkey, Argentina, Croatia, Georgia and Estonia grew by more than 8%. Chile, Colombia, Malta, Panama and Slovenia grew by more than 10%.

Other statistics put Australia lower and below some in the world rankings. These include youth unemployment, wage growth, retail, productivity, community housing and infrastructure investment.

There was a rule against misleading Parliament. It does not appear anymore.

In an unusually misleading statement, the budget documents state:

Employment in Australia is now higher than it was before the epidemic and has grown more than any major developed economy.

This is the second most easily proven lie in Australian budget history.

Since December 2019, employment in Australia has increased by 3.03% in the pre-epidemic quarter or month. Not bad. But much less than the other rich and advanced members of the OECD.
Norway and Israel increased their workforce by more than 3% during that period. New Zealand, Denmark and the Netherlands accounted for more than 4%, while Ireland and Turkey accounted for more than 6%.

Budget documents also state:

This [employment] The results were backed by $ 314 billion in direct government economic support, including JobKeeper, which has helped nearly 4 million individuals and 1 million businesses.

Again, this clearly contradicts the data. The overall unemployment rate in February 2016 was 5.72%. In February 2022, it dropped to 4.04%. This is progress No. As a result, companies are hiring more employees. This is a result of the unprecedented expansion of public service by the state and central governments.

As of February 2016, the private sector employed 83.2% of the workforce. After transferring hundreds of billions of dollars in debt to companies in February 2022, the private sector now employs 82.2% of workers, claiming it will increase employment – a significant reduction.

Meanwhile, government employment in those six years rose from 11.5 percent to 14.2 percent. The number of “workers” in the treasury increased from more than half a million to 1,981,200 from 1,451,700.

Fundamental Contradictions

The commitments of good governance face the need to temporarily increase the income of pensioners shortly before the election. The one-time $ 250 is for retirees, caregivers, veterans, job seekers and privilege card holders.

With large deficits expected to last indefinitely and a total debt of 44.9% of GDP within two years, special claims have been rejected.

Tax cuts are the wrong solution

More than any election budget, the promised tax cuts are just election bribes. When family savings are unprecedented, deficits are at record highs, and debt is moving toward a trillion dollars, there is no economic sense when infrastructure and other priorities are in dire need of funding.

As MWM reporter Callum Foote reports, the lines are actually adequate Rise In fact, as a result of this misplaced budget, the economy will benefit to the extent that it affects more high-income earners.

Frydenberg hides $ 30 a week tax increase from most Australians

The tax cuts offered to companies are causing repercussions. They do not help family businesses or other companies – and do not pay taxes. They give extra money to already profitable companies, including large foreign companies, which send most of that wealth directly overseas.

The mainstream media has nowhere to hide

In the 2010 election campaign and all subsequent polls, the major media outlets have insisted that the coalition must win or maintain its position on four key economic issues: the trend of taxpayers spending money, tax levels, budget deficits and growing debt.

Compare the results of five years and nine months of PvdA’s mandate and eight and a half years of alliance. The company added an average of $ 37.0 billion to its total debt each year. This is despite the devastating global financial crisis – and that too! I was Worst since the 1930s. The coalition averaged $ 53.4 billion a year in debt. That was only for the first five years, Before Epidemic, all well-functioning economies quickly paid off the debt needed during the global financial crisis. Since 2018, the coalition has added $ 93.6 billion annually.

Economic commentators and editorial writers now have no argument for stories that support their alliance. As evidenced by the MWM and elsewhere, the Morrison administration has currently recorded more than 60 poor economic results.

Will the tricks work in this budget? Will the coalition win again? See you soon.