Mark Dreyfus MP

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Australia's Economy

OVER A TRILLION DOLLARS IN DEBT

Australia’s economy was weak before Covid-19

Yes, Covid-19 has shocked the economy, but under the Liberal/National Governments over the past eight years, it has been limping along and weak.

The amount of taxpayer money Scott Morrison has squandered and the debt that will last for generations is staggering.

Following the election of the Liberal/National Government in 2013, Australia’s economy has gradually weakened under Tony Abbott, Malcolm Turnbull and now Scott Morrison.

When Covid hit, Scott Morrison's bad economic management was exposed. Labor's efforts during the Global Financial Crisis avoided Australia going into a recession when the Global Financial Crisis hit. 

When Covid arrived, Scott Morrison played politics above anything else. Australia went into recession and now our national debt is staggering. Billions in Covid payments when to companies that it turned out didn't need it and there were no rules about returning the money. That's just bad economic judgement and bad accounting.

What was the economic picture before COVID-19 struck?

In 2019 Australia’s economy recorded its slowest annual growth in more than a decade while the NAB business survey ‘found there had been a broad-based decline in conditions, with key forward-looking indicators pointing to ongoing weaknesses.

Further, National Accounts data released by the Australian Bureau of Statistics for 2018 found the economy briefly fell into a per capita recession described by the Reserve Bank of Australia as ‘two consecutive quarters of negative growth in GDP per person’.

Westpac chief economist Bill Evans said at that time “Today’s number indicates, in a per capita sense, the economy went backwards in the last 12 months.”

Shadow treasurer, Jim Chalmers, said: “If the treasurer thinks that the slowest annual growth since the Global Financial Crisis is somehow a good outcome for Australia then he is from another planet”.

#PayItBack

Scott Morrison