‘Our unproductive approach to growth’ – Daniel Wild, director of research at the Institute of Public Affairs
Daniel Wild, director of research at the Institute of Public Affair recently wrote that Australia has entered into a per capita economic recession for the third time in 28
years, according to figures released yesterday by the Australian Bureau of Statistics.
The figures also show there have been 18 quarters in the past 28 years where per
capita incomes have gone backwards.
The 28-year yardstick is relevant because that is the time since Australia last
experienced a full-blown aggregate economic recession, defined as two consecutive
quarters of negative economic growth.
Michael is joined by Daniel, who explains that state and federal governments are addicted to mass migration because by fueling economic growth it also fuels government revenue. The federal government’s promised return to surplus in next month’s budget is almost solely reliant on ongoing mass migration.
The same is true for state governments, which rely heavily on the GST and property
taxes to underpin their revenue.
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