Australia weathered the global financial crisis better than her European & north American counterparts, thanks to the resources hungry economies of South East Asia & India.Regrettably however, we have inherited a multi-speed economy with many sectors in varying degrees of recessionary difficulties, a minority government that is hostage to its independent MPs & the Greens, a PM tarnished by her inability to demonstrate any political conviction, and her failure to implement any of her main stated policies, and worst of all a Reserve Bank that is simply in denial about the recessionary state of many sectors & is has remained obsessed with controlling inflation, which by the way does not even exists in many sectors, most notably in retail which is being crushed by deflationary pressures.
As a result, the political game in Canberra has simply become a war of attrition between a much weakened PM who has to constantly watch her back, and an opposition that has mastered, albeit unproductively for the nation, the art of negativity.
Meanwhile, the government has failed to address any of the fundamental issues facing retail, construction, tourism & manufacturing sectors (to name a few) all of which comprise of many small struggling privately owned businesses.
At the same time, the Qantas confrontation has highlighted the inflexibility of Julia Gillard's "Fairwork" legislation & how it has reversed most of the IR reforms of the past two decades.
And to make matters worse, the self serving powerbroker elements in Labor party such as Bill Shorten, continue their rather superficial & patronising public support for the PM whilst they adoringly look at themselves in the mirror every morning & see the future PM smiling back at them!
It has taken more than 25 years of continuous reform to take Australia to its current dizzy heights. The current PM & her incompetent team around her are unravelling everything in the space of 2.5 years!
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