This recession will, almost certainly, be the worst
Australia has ever faced.
The massive structural imbalance, and weakness, that
has been built into the economy will guarantee this
outcome.
Years of government policy, union driven stupidity
and management incompetence have driven our
secondary industries to the point of extinction.
Proving, once again, how easy it is to destroy
something, and how hard it is to build it.
I do not believe Australia can get back on its feet
with only primary industries, retail industries
and service industries. If you don't actually make
stuff how can you survive?
The world will be in recession. Who will be buying
our iron ore, coal and wheat?
With declining exports and a reliance on imports
from countries that do actually make stuff our
balance of trade and debt will be deep in the red.
I'm wondering how long it will be before the rioting
starts. Perhaps the beer has to run out first.
