Solution to Morrison's Debt Legacy

Originally posted by raiderup: ↑

Australia bottom of league table on manufacturing self-sufficiency

Australia ranks last for manufacturing self-sufficiency among its global peers, producing goods worth only about 70 per cent of the amount it consumes.
A report by think tank the Australia Institute found a third of Organisation for Economic Co-operation and Development member countries used more than they made. Australia was the least self-sufficient, while Ireland and Germany topped the list.
The report's author, Jim Stanford, said the data showed Australia was an outlier among its international peers.
"Decades of taking manufacturing for granted and assuming that resource extraction alone could support a prosperous economy forever have produced a shrunken, undersized industrial base," Dr Stanford wrote.

disallowed/politics/federal/australia-bottom-of-league-table-on-manufacturing-self-sufficiency-20200727-p55fsm.html

In football parlance Lappy, if we take care of the process, the result will take care of itself, in terms of the debt.

We need to stop the dig it up and ship it out same old same old.

We just need to value add, no need for IR laws stripping vulnerable workers Lappy of minimum wages.

Raider

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@raiderup; from the 1950s through to the early 1980s the Liberal Party thought Australia had to ride on sheep backs and export forever to the UK - explaining why John Howard drove us into recession throughout the early 1980s even after Whitlam found new markets for Australia throughout Asia and even though the UK had jettisoned trade with Australia for the EU.

Just as they refused to accept the economic reforms of the Whitlam Era; the backroom boys who determine Liberal Party practice never accepted the economic reforms of the the Hawke-Keating Era. Upon becoming PM in 1996 Howard worked overtime to terminate Australia's relationship with Asia - history records that he failed as demand for Australian dirt throughout Asia sky-rocketed.

Under Howard the Liberals worked overtime to denigrate public education and to emasculate public universities - forever trying to return Australia back to being a nation dependent on exporting livestock products and dirt. Howard's refusal to upgrade core infrastructure such as communications systems together with his refusal to invest public money in addressing growing urban congestion problems created the backlog we live with today.

Since September 2013 the Coalition lied to us about 'trickle down economics' - government feeding fat corporate profits that would trickle down to improved jobs and wages - they instead delivered the worst jobs and wages outcomes as well as the worst productivity growth in Australian political history.

So what will Morrison have to show for quadrupling Australia's debt by the middle of 2021?
Ans: Record levels of household debt, record levels of debt among young people, record unemployment and under-employment levels, world worst levels of workforce casualisation, record low levels of Federal government investment in core infrastructure and a fleet of totally useless US fighter planes and orders for an expanded fleet of totally useless submarines.