I thought it was "end of story", is this an appendix?
Don, welcome to the global economy of 2019 where inflation is non-existent, the two largest economy leaders are too busy saying who has the biggest peni$/tariffs. Even the oil rich middle east economies are facing growth of 1.7% for UAE and 0.2% for KSA. Why does anyone thing we would be different?
The IMF's view of Australia varies by how much from anywhere else?
I'm been in RP for around 17 years, reading "The Lounge" section for around 6-8 years and for most of that time you have been predicting a recession, one day you will be right I'm sure.
In terms of where we are there's some pretty diabolical irrefutable problems:
- Average wages flat or outright declining since 2012 for everyone except CEO's.
- 0.75% official interest rates showing no signs of stopping till we get to zero.
- Four fifths of the growth in GDP recently has been government spending, it's a Keynesian economy already.
You pride yourself as being someone who has made provision for your own future, imagine a world with nowhere to escape from negative interest rates - banks can't possibly pay savers much lower rates before people start putting it under mattresses. We have some extremely perverse economic incentives happening right now.
These are extremely challenging times for the globalised economic community, what resources do we have to fall back on in Australia to deal with a prolonged economic downturn?
You may recall I'm on record many times saying Australia's penalty rates are out of touch with the real world and what the LNP Fed's are doing (after the ALP Fed's did similar in 2012) is just scratching the surface but moving in the right direction for which maybe you criticized me on this more than once. Surely being paid nearly $50 on a Sunday to pour a cup of coffee was excessive? NOW, back to your original comment, AGAIN, No Australian and Greek economies are not comparable and it would be foolish to think otherwise, or perhaps you have been there and can explain from first hand experience? Again I'm waiting for you to complete the comparison.
All I'm doing here is acknowledging the reality of the situation here in Australia in 2019 which is that nobody is paying award in hospitality any longer - so why have an award at all? I think the Fair Work Australia figures are something like 80% of employers they audited on the various Melbourne restaurant strips weren't paying award. So if the law is being so widely broken and obviously un-policed then it's pretty unfair to the 20% of employers who ARE doing the right thing isn't it.
And you do realise that all of this is going to make the Australian economic situation much, much worse. Wages growth is part of GDP you know, not having any at all is what is dragging growth backwards and hence our standard of living - allowing wages to be cut wholesale across one industry probably isn't fair if we don't apply to EVERY industry, so why have awards and minimum wages at all any more? Might as well completely unravel the hard-fought gains that the unions make on behalf of the working class in this country since the 1890's - why not - there's generation upon generation of Australians who haven't known extreme poverty and slum conditions on our own shores.
And while we're at it, back poor houses for those who can't cope, none of this 'dole' business.