Adding to this thread as it seems relevant to
@Nerf Herder's original intent. Couple of recent Aunty articles on how we look forward economically:
https://www.abc.net.au/news/2020-06...navirus-but-risks-an-economic-own-go/12400524
(TLDR - Gratton Institute argues govt shouldn't be focused on balancing the budget over borrowing to support the economy)
https://www.abc.net.au/news/2020-06...nk-governor-warns-coronavirus-shadow/12379074
(TLDR - RBA says simply borrowing more won't help, reform is needed in order to face the global slowdown)
RBA chief from the second article:
"We can borrow to build the bridge, but we can't borrow to address a slower growth world."
Instead, Dr Lowe again urged policymakers to use the crisis to make long-term changes that might enhance productivity and economic growth.
"What we can do is reform," he continued.
"And the list of areas where we should be doing reforms is well known: they include tax, infrastructure, human capital, industrial relations, regulation, entrepreneurship and R&D [research and development].
"If we don't address those areas then I think we'll just meander along with kind of mediocre growth."
Regardless of how everyone is faring personally, it's clear the country as a whole needs to start charting a new course to survive economically. Does anyone else think that the rise in globalisation that's occurred since the late 1960's has come to an end, with COVID-19 the final nail in the coffin? Before the pandemic there was Brexit, and Trump's America-first campaign. Then there's the overdependence on China; a lot of countries are now probably a lot more wary of the CCP's "we're the nice guys" propaganda as the extent of their pernicious tentacles of influence become more apparent. FTA's aren't worth a pinch of shit where they are inequitable (or ignored) and global organisations still operate with regional business models that allow them to avoid tax, exploit workers in poor countries and shaft consumers with overinflated prices in wealthy countries for maximum profit.
Despite those sectors of the economy that are stuffed due to the pandemic, like airlines and tourism, there has been resilience in other areas which has combined with our solid response to COVID-19 to lessen the impact... thus far. But what now? Short term - keep up the extra social support measures to buy some time to plan? Medium term - replace the holes in the economy and job market left by the reduction in international visitors & trade? Long term - a new vision of Australia as a more self-sufficient nation, fuelling our economy with self-consumption and built on sustainable foundations - no more population growth pyramid scheme, no more profits over environment, no more tax breaks for big business? I fear this isn't the mindset in Canberra or at the RBA.
What sort of Australia do people want to see in 2021? 2025? 2030?