[Australian Politics] Economy

[@Cicada3301AU]

Australia's manufacturing sector has been in free fall for as long as I can recall, and it's accelerating.
No Government has been able to arrest it.
Despite catchy tags and marketing slogans like "Future Made in Australia", statistics continue to show Australia is quickly approaching the point we will become 100% reliant on China, for manufacturing our goods.

https://www.theaustralian.com.au/commen ... bf624330e6

The "Future Made in Australia" initiative is the most misleading policy imaginable.
One of the first decisions to come from the initiative included the Australian Government giving a $1billion to a US company, PsiQuantum, to develop vaporware.
"Future Made in Australia" is a total lie, in the form of Government policy.

[@Cicada3301AU]

Not only is the way new jobs are counted completely fraudulent, but reports like this are completely artificial and misleading.
The only reason job figures appear so healthy is because of the continued massive expansion in Government-funded services and a highly-inflated bureaucratic sector.
And that's not just hearsay, it's evidenced by this hidden little paragraph at the end of the report which explicitly says exactly this.
If you want economic stimulation to fuel an economy it doesn't come from massively expanding the "non-market sector", instead investment and return must come from the private market sector.
Currently, the Government is using these artificial numbers to hide the true economic picture, which is dismal and weak, and going backwards on almost every metric.

[@Cicada3301AU]

Anyone who digests my regular observations and commentary on the state of the Australian domestic economy will know this is something I've been warning about through the expansion of bureaucracy, Government services and the non-market sector.
The problem is most economists were pretending it wasn't happening because it was inconvenient to market analysis.
But now the problem of a highly-inflated Government bureaucracy and non-market wage bills, which is continuing to accelerate the increase in Government debts, is becoming too big to ignore.

https://www.afr.com/policy/economy/wage ... 115-p5l4fp

[@Cicada3301AU]

I've never seen as much political pressure—from both sides of politics—to cut interest rates as I have in the past two weeks.
What happened to the independence the Reserve Bank is supposed to have?
It's not meant to be subjected to or influenced by political pressures.
Personally, despite the odds favoring an interest rate cut today, I believe it should hold until April.

https://www.theaustralian.com.au/nation ... 537152543d

[@Cicada3301AU]

This wasn't an economically sensible decision.
This was Michelle Bullock and the Reserve Bank Board giving in to political pressure.
The Reserve Bank is no longer independent.
More evidence of failure of key Australian institutions.

https://www.afr.com/policy/economy/rba- ... 218-p5ld0p

[@Cicada3301AU]

The case for an interest rate cut was always weak and supported only by relentless political pressure from the Government, not data.
I said it should have been held, and many analysts and economists now agree.

https://www.afr.com/policy/economy/rba- ... 217-p5lcu4

[@Cicada3301AU]

BlackRock is reducing its exposure to Australian investments because it has recognized what I’ve long argued: that Australia is too expensive to do business in, too expensive to invest in, overly regulated, and that its economy has run too hot for too long—without reflecting the true economic reality of the country.
All of these factors are contributing to more investment leaving Australian shores than is entering.
I’m shocked that BlackRock didn’t reduce its exposure earlier.

https://www.afr.com/markets/equity-mark ... 310-p5lic4