Previously we examined the Treasurer’s opinion piece from the Fin Review with our progressive and modern monetary frame and now we examine the message contained within.
From that frame we learned the Treasurer at least admits we are not investing enough in childcare and perhaps schools.
The Government is currently reducing its ‘real spending growth’ thus is removing the real income effect from Australian households and businesses. This is a deliberate lowering of investment in Australians.
The treasurer recognises that unemployment statistics have fallen but fails to acknowledge underemployment statistics according to the Australian Burea of Statistics have grown. This is a sign that people desire to work but there is a lack of willingness of the current government to put Australians to work.
Many of the facts the Treasurer quotes are not in dispute but nor are they given in their full context.
The government has committed $1 billion to farmers and local drought-affected communities. This is only 0.05 per cent contribution of GDP to the economy. It doesn’t take into account that farmers and communities need real resources like food and water so we have food security in Australia. These have ripple-through effects to home security, housing stress, school affordability, access to food, isolation and a lot of other social costs. This is what the Treasurer and government need to focus upon.
The spending on health, education and disability support is not contingent on high commodity prices and as much as recent positive terms of trade have been helpful, the well-being of Australians has never been contingent on high commodity prices but our access to support workers, doctors, nurses, counsellors, psychologists, teachers, disability advocates, etc. and preferably in person too so those requiring assistance are able to establish a rapport and connection
And yes ageing is an issue it will cost us real resources whether they’re sourced domestically or internationally but financially affording what we need is of no real concern as we have our own sovereign free-floating currency and much more.
The Treasurer acknowledges the NEED for all these things but is unwilling to put the financial resources that only they can access behind what is necessary. This is a mixed message and the people should confront the Treasurer and relevant ministers of why this should NOT be so.