As University of NSW, economics professor Richard Holden wrote in The Australian Financial Review last Tuesday: “Chalmers is without doubt the luckiest Treasurer in Australian history.”
What have we got from all the booming revenue? “A budget in structural deficit with the Intergenerational Report forecasting four decades more,” Holden says.
Yet Chalmers is treated as an economic oracle by ABC RN Mornings host Sally Sara and ABC 7.30’s Sarah Ferguson, who reserve tough questions for Coalition and One Nation politicians.
Many journalists swallow Chalmers’ lines on war and prices, but the fact is, as S&P Ratings said on the front page here last Thursday, the Treasurer has been running an expansionary fiscal policy at the same time the Reserve Back has been tightening monetary policy.
The New York Times on Tuesday, in a piece called “Understanding France’s Polycrisis”, quoted eminent Harvard economist Kenneth Rogoff, “France’s position looks unsustainable, and the bond markets are saying that, but they’re not screaming it yet. It’s a slow-motion train wreck”.
And it’s a warning to Australia.https://www.theaustralian.com.au/commentary/frances-manufactured-leftwing-school...