Consumer spending data, analysed correctly, shows the economy is nowhere near as bad as news reports claim. Alan Austin reports. DISTORTIONS, exaggerations and blatant falsehoods about Australia’s economy are accelerating as Anthony Albanese ’s Labor Government ploughs into the last year of its first term.
Will it get a second term? Not if the mendacious pro-Coalition mainstream news media gets its way. Headlines in the Financial Review in the last week included: ‘ Labor braces for higher inflation, interest rates ’; ‘ Worst day for ASX since SVB crisis as U.S.
recession fears surge ’; ‘ Why recession panic is gripping the markets ’; and ‘ Albanese can’t afford distractions now ’. The Australian headed its horror stories thus: ‘ Restaurants and retailers collapsing at record rate ’ ; ‘ Failure of public policy to blame for Rex’s demise ’ ; ‘ Weak economy takes its toll on Allegro’s TGE with $190m loss ’ ; and ‘ Mars fighting “unprecedented” cost pressures ’. Let’s celebrate low unemployment and rising real wages Having turned the economy around after years of Coalition mismanagement, the Albanese Government is giving Australians reason to celebrate.
ABC News added to the negative narratives, as always: ‘ Government's inflation policies hurting: Shadow Treasurer ’ ; ‘ Anthony Albanese's woes go much deeper than a reshuffle. Voter confidence has plummeted ’ ; ‘ For the first time in months, household spending has fallen .