Why I’m no friend of Malcolm Turnbull’s anymore, by Trevor Sykes.
In economic management, the Rudd and Gillard governments showed a lack of sense, while the Abbott and Turnbull governments have shown a lack of spine….
Back in 2007, our then Treasurer, Peter Costello, had our federal government effectively debt free.
Barely nine years later we have federal debt of about $400 billion, with an interest running at something like $1 billion a month. All this has happened during tolerably good times economically.
Australia did not suffer much from the global financial crisis. We enjoyed a resources boom and strong sales to China across the subsequent years.
We should now be in a reasonably strong position, but we’re not because economic management has been dreadful. …
Lee Iacocca, when rescuing Chrysler (for a time anyway) observed: “People will accept a lot of pain, if everybody’s going through the chute together … But the first time you find someone goofing off or not carrying his share of the load, the whole thing can come unravelled.”
Australia is in too much debt and the government is spending too much money.