Three interest rate cuts since the election have not been enough to turn around an economy which is floundering on the Liberals’ watch.
The economy has deteriorated while Scott Morrison and Josh Frydenberg have dithered.
Interest rates are already just a quarter of what they were during the depths of the Global Financial Crisis and yet the Morrison Government continues to leave all the heavy lifting to the Reserve Bank.
In his statement today, the RBA Governor noted that “the main domestic uncertainty continues to be the outlook for consumption” and pointed to subdued wages growth which is likely to continue for some time.
Australians are struggling, weak consumption is being driven by stagnant wages, household debt is at record highs, almost two million Australians are looking for work or for more work, and retail trade has had its worst result since the 1990s recession but the Liberals have no plan to turn things around.
Despite growing concern that further interest rates cuts are losing their effectiveness, Scott Morrison and Josh Frydenberg have refused to lift a finger to support struggling workers and pensioners.
Right when the Australian economy needs responsible, proportionate and measured stimulus, Scott Morrison and Josh Frydenberg have a political strategy but not an economic plan.
It is time the Liberals brought forward a budget update to fix their forecasts and properly outline an economic plan that supports the floundering economy and better safeguards it from global risks.
TUESDAY, 5 NOVEMBER 2019