Albanese Government’s Marxist Economic Agenda. By the Editors of The Australian.
It was American civil rights activist Maya Angelou who said when someone tells you who they are, believe them the first time. Jim Chalmers told everyone who he was in a sweeping Monthly essay in January 2023 in which he railed against the market economy and failings of capitalism.
Dr Chalmers has praised socialist economist Mariana Mazzucato — who was an adviser to hard-left British Labour leader Jeremy Corbyn — as an inspiration. And here we are today. The Albanese government has adopted Professor Mazzucato’s agenda to increase taxes on capital and embrace a pre-distribution focus to target accumulated wealth.
Dr Chalmers promised to renovate our key institutions, and has made changes to Treasury, the Productivity Commission and the head of the Reserve Bank of Australia, as well as how interest rates are set. The head of the Productivity Commission, Danielle Wood, has confirmed the federal government’s plan to redistribute national housing as productivity falls into negative territory. …
What’s next?
The next steps in Professor Mazzucato’s playbook include taxes on financial transactions, an end to fossil fuel rebates, and support for a wealth and inheritance tax to fund a minimum universal inheritance scheme.
Following Angelou’s advice, when Anthony Albanese and Dr Chalmers say they want to change the social and economic fabric, we know to believe them. Because when they promise at election time not to make changes that lift taxes, upend retirement plans and sap incentives to work and save, they can always change their mind.
Forewarned. Australia is heading for a typical socialist economic downturn, which might last decades. On top of the demographic changes, Australia is being radically transformed. Time to leave?
A country becomes prosperous when its brightest people build companies, create jobs, and take risks.
When they shift from entrepreneurship to a government desk, prosperity slowly stops being created.
Some public servants in Canberra get paid almost $1m per year, then retire on a pension of 38% for life.