Wednesday, September 12, 2007

Howards Economic Facts

Despite the federal governments spiel on there good economic management, the facts are on the contrary. An amazing statistic exists that certainly does not get published by Howard government that often. That statistic is the 59 billion dollar current account deficit, the 3rd worst in the world. Australia's net foreign debt is 544 billion dollars. The issue is Australia's imports outweigh exports a negative situation to be in. Australia is also heading for a real estate bubble, with housing affordability barely applicable for many young Australians. The impact of higher petrol prices, growing inflation and rising interest rates shows the Howard governments apparent good economic managements is a farce. Howard constantly attempts to educate Australians on the past Labour governments bad economic management, the biggest lie of our time.

The Hawk and Keating governments floated the Australian dollar, deregulated the financial system, and put strong focus on relations and trade with Asians nations such as China. These steps put in motion the economic development and growth the Howard government has capitalised on, and wrongly took full credit for. The fact is the Howard government just enjoyed the ride.

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