Recent ABS figures show that there has been an 18% fall in business investment in Australia over the last 12 months and a 16% decline in housing construction.
The Unemployment rate has jumped up again to 6%. While real wage growth is at a record low. The deficit has also doubled and the level of government debt has increased astronomically under the leadership of the Abbott/Turnbull government. According to Matthew Thistlethwaite Labor member for Kingsford Smith NSW, “There is a lack of leadership. There is no economic narrative. There is no economic plan for this country.”
Mr Thistlewaite is correct, Prime Minister Turnbull is unable to articulate a vision for this nation. “All we have now is this ridiculously confused economic message coming from the government.” stated Sharon Claydon, Labor member for Newcastle, in parliament. Ms. Claydon also mentioned “Just this week we had the Prime Minister ruling out any capital gains tax discount whatsoever. He absolutely ruled it out only to find his own office putting it back on the table a few hours later.”
The current Prime Minister justified replacing the former deposed Prime Minister because he had ‘not been capable of providing the economic leadership that our nation needs’.
Three months ago the Prime Minister said: ‘My government is undertaking a significant reform agenda.’ Given that we now know the Prime Minister has abandoned reform and resorted to Abbott-style scare campaigns.