In today’s show we cover some local news, in the wake of announcements that the Australian economy is suddenly looking shaky after several years of moderate growth. In late April the Prime Minister Julia Gillard announced that revenue will be down $12 billion since the October budget update, and that spending cuts and tax hikes can be expected.
The government has asserted that the situation has not been caused by excessive spending despite numerous examples of so-called stimulus spending over the past few years, in many cases with extremely poor outcomes, such as the home insulation scheme.
We examine these developments in the context of a podcast by Stephan Moylneux, who ascribes this to the “cancer of statism”.
I am joined today by Josh Jackson who offers his original and incisive analysis of Australia’s economic situation.
