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TURNBULL’S SCORECARD ON THE ECONOMY 12 MONTHS ON

Posted September 14, 2016

 

The very reason Malcolm Turnbull rose to the top job and Scott Morrison was elevated to Treasurer was the promise of “new economic leadership”.

Yet 12 months on and Australians are shaking their heads – despite all the talk about jobs and growth, the scorecard is far from “so far so good”.

On the economic front, wages growth has slowed to new record lows over the last year putting household budgets under pressure while total investment in the economy has fallen by more than 10 per cent since September 2015.

And it would seem Malcolm Turnbull’s economic leadership was only warming up after a few months in the job.

Economic growth is only worthwhile if it keeps people in good, well-paying jobs.

But despite Australia’s growing population the number of full-time jobs has actually collapsed by 64,000 since the beginning of the year.  

That’s a loss of 300 full-time jobs each and every day since the beginning of the year.

No wonder people aren’t feeling secure in their employment under the new economic team.

And who can forget the stumbles from the Prime Minister on economic reform, from wanting to increase the GST, to then wanting to re-introduce state income taxes through “the most fundamental reform to the federation in generation”, something that barely lasted 48 hours.

And if this wasn’t enough, Mr Turnbull along with Mr Morrison became the first Prime Minister and Treasurer to be rolled in Cabinet since the 1970s, as it was revealed the Immigration Minister rolled them on plans to reform negative gearing. This confirmed – as if Australians didn’t already know – that the Prime Minister has also managed to sell out the aspirations of young first home buyers right across the country.

After 12 months of misfires and missteps it is clear the Prime Minister is unable to deliver the economic leadership the country needs.  


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