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All of us have been affected by the current state of the worldwide economy. If we’re fortunate enough to still have a job, we probably know someone that is out of work. Most of us have cut unnecessary expenses out of our budgets and are diligently trying to find more ways to save money. Businesses are cutting back on expenses, and we need to be more money-conscious on the job as well as at home. We all think twice about making large purchases, and the second thought usually tells us to hold on to our money.
Considering all this, few of us were surprised at the announcement that Australia is now in a real recession. To be considered a bona fide recession, the economy needs to experience negative growth for two consecutive quarters. And it looks like our nation will meet this prerequisite when the gross domestic product (GDP) figures are announced at the beginning of June.
For those of us that have been scrimping and doing without for many months already, this is by no means a shock. We’re all wondering what took them so long to make an official announcement. But rules are rules, and we had to meet the economic requirements first.
The Opposition has had quite a lot to say about the gross debt that is greater than $300 billion. Wayne Swan stands behind the Labor party and has stated, “The one thing we know for sure about our first quarter GDP outcome is that without the Government’s substantial economic stimulus, the result would be much worse.” This, of course, cannot be proven since no one actually knows where the Australian economy would be today if the stimulus package had never been introduced.
Opposition Leader Malcolm Turnbull proposes that the Labor party has damaged the economy and will continue to do so. Kevin Rudd and Wayne Swan, according to Turnbull, “want us to believe that they can repay twice as much debt in about half the time that the Coalition did when we were in government. It just doesn’t add up. We must get Labor’s debt under control.” This sounds like a noble cause, but Turnbull did not provide details of how the Opposition could accomplish this or how much lower the debt would be if they were holding the reins.
The bottom line is that we are - and have been - in a recession that is worse than any other economic period since the Great Depression. We are all dealing with the fallout from these turbulent economic times and probably don’t need an official announcement letting us know how bad the Australian economy is right now. We’re all rather smart when it comes to figuring out how well the nation is doing without hearing about the magic GDP numbers. Our lives, as well as the lives of our family, friends, and neighbours, tell the story.
Although we appreciate being informed of the latest economic numbers, we’d appreciate it even more if the government officials recognised that we are all feeling the effects of the recession and just want some relief. And perhaps they could give us all the courtesy of working towards getting us out of this mess instead of spending their time blaming the opposing party for the current state of the Australian economy.
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