Economic Outlook

17 October 2019


The International Monetary Fund has downgraded Australia's economic growth. It has fallen a whole percentage point since 2018. But it seems that, despite the outlook and downgrade in Australia's economic future, all this government wants to do is continue cutting services and delaying election promises just to balance its own books.

We're starting to see the truth. The truth is that this government has no plan. It has no plan to combat Australia's weakening economic position. It has no plan to deal with low wages and rising prices, and no plan to deliver the services it promised to the people of Australia. Instead, it's simply ripping funds from vital services like the NDIS in favour of sound bites and catchphrases.

Electricity prices have skyrocketed with no plan for energy. Childcare prices are increasing because the government has no plan to make sure providers aren't taking parents for a ride. Wages are stagnating, and this government has no plan to ensure Australian workers can keep up with the cost of living.

Meanwhile, the outlook is for a steep decline in economic growth. The warning bells are ringing, and this government is failing to act. Australia needs real economic leadership. We need an economic policy. It's time this government brought forward a budget update to fix their forecasts and properly outline an economic plan that supports the floundering economy and better safeguards Australians from global turbulence.