Is Australia heading for recession?
Posted by John, September 17th, 2015 - under Peter Jones, Recession, Solidarity magazine.
Tags: Australian economy
In the latest edition of Solidarity magazine Peter Jones argues:
‘Perspectives for the Australian economy are bleaker than for some time.
‘As a result bosses are stepping up demands for productivity increases and cuts to penalty rates [among other things – JP]. Workers will need to step up resistance through strikes and industrial action and refuse to bear the cost of maintaining corporate profits.’
To read the whole article click here.
Comment from Ross
Time September 19, 2015 at 7:36 pm
While our Govt debt of $700 billion is less per head than most countries, our total debt per head is 20% greater than the USA.http://www.australiandebtclock.com.au/
With the Chinese economy shrinking and looking for cheaper resources in Africa and South America, we are in dire straits.
At least the USA has some manufacturing left but we have nothing but agriculture and a retailing/service industry that relies on the whims of China.
We are headed for a recession far worse than the Keating debacle because our property prices are way over inflated and we have no real productivity, creativity nor intelligent leadership to make a difference.
This coupled with the sale of all our Govt banks makes us the stupid unlucky country.
World debt of over $200 trillion is 3 times the GDP of the planet. The private central Bankers own us and our Govts.