The major political parties’ economic policies from the 1980s onwards smashed Australian manufacturing, which shrank from 20 per cent of GDP in 1980 to barely 5 per cent now.
Mortgage stress now grips 42 per cent of Australian households, according to a UNSW City Futures Research Centre survey. This is a sharp increase from 30 per cent in February 2020.
The death-knell of neoliberalism in Australia is sounding louder, with a landmark policy recommendation inserted in the end of a Parliamentary report handed down mid-March.
Australia’s most experienced advocate for victims of predatory bank lending has slammed as “insane” Prime Minister Scott Morrison’s policy to lower bank lending standards to boost economic activity.
