Data always tells a story! Despite the GFC and as of September 2013 Australia was AAA rated by all major global ratings agencies and had been anointed by Credit Suisse as the wealthiest nation on Earth. The budget deficit was half what it is today and total public debt just 11% of GDP. According to PEFO unemployment was expected to peak at 6.2% early in 2014.
Well all that changed about 12 months ago. Tony Abbott commenced his slash-n-burn approach while urging people already carrying record private debt to spend like drunken sailors at Christmas time. Abbott turned the government's back on industries including car manufacturing, local defence industrious and even food production - his comments were even labelled as lies by one of his very own MPs.
In reality Abbott has done nothing that is likely to create jobs. He's left that job to a business sector focussed on increasing executive remuneration and minimising tax. Even Abbott's ridiculous infrastructure projects such as EastLink are in deep trouble. But as unemployment rises and hits our youth hardest Abbott has even terminated Trades Training Centres and knee-capped the funding of TAFE.
Today's data proves that the worst government in history began in September last year and given the real impact of Abbott's rotten budget full of broken promises is yet to bite, Australia's near-term future is beginning to mist over.
