Today’s National Accounts figures make it crystal clear that the Abbott Government’s deep budget cuts are hurting our economy and putting pressure on household incomes.
ACTU President Ged Kearney said the Abbott Government’s economic story is utterly unsustainable and based on politics instead of facts.
“The figures prove Mr Abbott and Mr Hockey are totally off track and they’re going to need to get rid of more than just barnacles to turn things around,” Ms Kearney said.
“The Government needs to change strategy now, support incomes and wages growth and invest in jobs.
“With low interest rates and low public debt, the Government should be investing more, promoting growth and creating jobs – instead it’s imposing austerity measures.
“You would’ve thought the Abbott Government had taken notice at the G20 and learnt that inclusive growth, higher wages and more jobs is what’s needed – not cuts.”
Ms Kearney said it was pretty rich for Treasurer Hockey to complain that Government income had fallen as a result of weaker wages growth – something he and Prime Minister Abbott have aggressively pursued since coming to Government.
“The Abbott Government has happily done the bidding of the business lobby in calling for wage cuts across the board yet today’s figures show this is hurting the economy,” Ms Kearney said.
“Many working Australians are feeling cost of living pressures and the Government’s attack on their wages is an attack on standards of living.
“Decent wages and conditions are the platform on which Australia’s fair go has been based, and yet this Government sees good wages as the enemy.
“Mr Abbott promised Australians more jobs, protection of living standards and strong growth – we’re all still waiting.”
The figures today show:
- Quarterly growth was well below market expectations at just 0.3% seasonally adjusted.
- GDP grew just 2.7% over the year to Sept quarter
- Investment fell sharply, down 2.7% seasonally adjusted in the quarter and 2.8% over the year to September
- Because the terms of trade are falling real net national income fell in the quarter and is only up 0.8% over the year
- Both public and private investment went backwards.
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