Financial experts are warning us that Australia’s economic future looks bleak. We may indeed face a recession next year and people may lose their jobs. Not an illustrious beginning for Prime Minister Kevin Rudd and his treasurer, Wayne Swan.
Isn’t it amazing that when the miracle worker came to power last November he was so quick to point out that Australia is suffering from inflation. The treasurer talked down the economy so successfully that we are now in trouble. Is this the recession we have to have just as it was in another Labor Prime Minister’s term? I always felt that when Wayne Swan (at Rudd’s command) told us that bad times is a comin’ it would be a self-fulfilling prophecy. It’s like pointing the bone.
I find it hard to believe that Swan can now show his face in public and tell us that others are responsible for depressing the economy. Yes, there was a problem in the U.S with subprime loans and yes, some of the institutions took a blow, but Swan should have emphasised that Australia was in a good position. He should have done a Winston Churchill and offered encouragement rather than gloom. In finance it’s very often a matter of perception, as it is with many things in life.
We seem to have gone from sunshine to doom and gloom in the space of six months. Paradise is lost for the time being while Rudd swans around at the Olympics. No doubt he will offer some more advice to the Chinese in robust Mandarin. I know I’m impressed.
The Prime Minister certainly collects thousands of frequent flyer points, doesn’t he? Too bad he believes the world stage is more important than our little country. He will probably take the credit for getting rid of the smog in Beijing as well. But then, perhaps we are better off when he is out of the country.
I wish he would take the Honourable Treasurer with him on his Grand Tours. Perhaps to Zimbabwe which, I hear, has a bit of an inflation problem too.