Hate to say, “we told you so” because that won’t pay the bills. But, remember, when we pointed out that China was slowing down and it was downright foolish to let the American Disease infect the thinking in Oz? Well, the mining boom’s last act is coming faster than you think–and that’s a huge warning to take seriously.
AUSTRALIA’S budget surplus has evaporated and its mining investment boom has only two years to run, according to Deloitte Access Economics.
The forecast marks a watershed in assessments of Australia’s prospects, implying in the words of this morning’s Access publication: ”The strong bit of Australia’s two-speed economy won’t stay strong for more than another two years or so”.
The sad thing is that it doesn’t have to be a rocky road. If the mining barons, and their political patron– the man in The Empty Suit, leader of the Coalition– would stop resisting, blocking or whittling back serious taxes on the staggering riches a few people are pocketing from every Australian’s birthright, there would be plenty of money to invest in economic strategically smart efforts that would help the country blossom even when the mining boom evaporates.
And if people would stop wringing their hands over a non-existent deficit problem, we could even be plowing money into projects now.
The head aches.
Read Essential's ongoing research on the public response to Covid-19.
In this week's report:
- Federal government response to Covid-19
- State government response to Covid-19
- Views towards reopening international borders
- Views towards state border closures
- Comprehension and confidence in PM’s plan to ‘safely reopen’ Australia
- Uptake of a Covid-19 vaccine
- Necessity of mandatory vaccinations in specific situations
- Views towards easing restrictions for fully vaccinated people