Crisis, what crisis? Australia’s economy is doing well compared with many in the world, page-27

  1. 14,237 Posts.
    lightbulb Created with Sketch. 5
    but it was Howard who dramatically encouraged Aus manufacturers to go offshore.

    Well that was a by-product of something that further developed during the Howard Government.
    Economic diplomacy with China.
    Australia wanted to sell our minerals to China.
    To engage with bi-lateral trade negotiations China demanded something from us.
    As a concession we backed recognising their actual command economy as a market economy so China could join the World Trade Organisation.
    When they joined we got to sell them lots of minerals but at the same time well paid Australian workers were forced to compete with millions of lower paid Chinese workers as they moved from the villages to cities.

    Which for years was of benefit to Australian consumers who got ever cheaper prices for manufactured goods as part of the throw away society.

    On the downside Australians had to get better educated, start work later as tertiary education facilities became stores for unused skilled workers (some went overseas to join the brain drain) or rack up personal debt while others got jobs making each other coffees and doing other service jobs.
    Last edited by pugsley100: 08/03/24
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.