Australian Politics – Australia: A Sitting Duck

Posted on Tue 04/17/2018 by


By Andrew Bolt ~

Australian Prime Minister Malcolm Turnbull

Maurice Newman perfectly describes the disillusion of many conservatives with the Turnbull Government: 

Malcolm Turnbull’s preference is to remain above the political fray rather than take the fight to the Labor Party. But then, having signed the Paris climate agreement, introduced a special bank tax, launched a royal commission into banks, foreshadowed an increase in the resources rent tax, attacked superannuation, bowed to the Greens’ demand for an additional $5 billion for Gonski 2.0, increased the Medicare levy to help fund the open-ended National Disability Insurance Scheme, offered support for same-sex marriage and the republic, and uttered hardly a peep opposing the merger of two of our most belligerent unions, his main value proposition is that Labor will be worse.

For the growing number of disillusioned voters running on empty, this is cold comfort.

What’s the looming trouble?

[Australians’] credit cards are maxed out (total household debt stands at an alarming 200 per cent of disposable income), and a third of those with home loans have little to no payments buffer…

In the US, China and Germany, leading indicators are softening…

In the world’s largest economy, real consumer spending, the engine room of economic growth, has stagnated since November… And, late into the longest economic expansion on record, we find US personal savings at a 12-year low, household debt never higher and American companies never more highly geared. Credit defaults are rising rapidly …

Australia is unprepared for a global slowdown… Nowhere is this more evident than in energy policy, where … Australian families paying the highest electricity prices in the world — two to three times more than US households…

During the next four years, about $480 billion in interest-only mortgages will convert to principal and interest loans, affecting 30 per cent of mortgage holders…

Australia today is a testament to political irresponsibility. What other conclusion can be drawn when in peacetime, after a decade of strong growth and mainly full employment, we continue to generate such high budget deficits?

Andrew Bolt writes for the Herald Sun, Daily Telegraph, and The Advertiser and runs Australia’s most-read political blog. On week nights he hosts The Bolt Report on Sky News at 7pm and his Macquarie Radio show at 8pm with Steve Price.

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