We are spending over $300 billion on Corvid-19 bandaid remedies. We have to think about who and when this will be paid down let alone the additional $1.1 Trillion combined Commonwealth , State & Muni debt. The current system has been incapable of maintaining itself since the GFC because of increasing debt despite that the economy has not been in recession.
We are looking at a major recession if not a depression, so now is the time to imagine (plan) a means of paying down the debt in the future. To do that we have to look at managing our resources better; particuluarly our raw exports. As a country we have to grow our GDP by lifting the value of our exports; not simply growing consumerism based on sucking-in an unstainable volume of imports.
The economic impact of CV-19 should be a wake-up call and, IMO, requires a complete rejig of our economy and replacing waffling politicians with experienced technical & business representatives. Just look at the Japanese, Korean & German Cabinets. We have a PM who is an ex ad man and others who have little or no qualifcations in business or trade. Most are solicitors , accountants and other Middle Class ( I'm alright Jack) self-interested wafflers. We need statesmen & women with the right qualifications and abilities to bail out Australia in the 2020s.
Just look at how Lee Kuan Yew did for Singapore with little or no natural resources ! All we can say is that we're a lucky country and rely on others to bail us out........... (Japan 1980s) (Korea & Japan 1990s)( and now China.) What's next?..............India?
