Austerity has not been used since the early days of the Howard Gov. the last Fed Govs got in on a boast that they were better economic managers than the Rudd/Gillard Govs but failed to tighten spending, instead lashing out on wasteful and consequently damaging contracts with the big accounting firms instead of relying on the honest and fearless public service. they blew the budgets and increased the Fed gov debt enormously.
Free and easy with Gov largesse they did what they could to suppress wages for the lowest paid and increased handouts to the wealthy. I watched as inflation rose from before the Morrison Gov was voted out and wondered why discretionary spending kept rising when everybody else, the less wealthy, was suffering deprivation of disposable income.
clearly the problems originated in the lackadaisical attitudes of the LibNat Govs. their deals with businesses and the President of Nauru for imprisoning boat arrivals and so much more damaged the Aus economy, yet their supporters now accuse the Lab Gov of firing up inflation while the Treasurer now in place has made significant corrections to wasteful spending programs begun under the Libs and has turned up not one, but two surpluses in successive budgets.
obviously, as Albanese made clear at the start of his PMship, he won't be doing anything about the stage 3 tax cuts which will increase disposable income to the wealthy while giving nothing to the lowest paid. I expect this to be a discussion that will be had prior to the next election. Serious tax reform is needed now though.
