We were the big winners out of the GFC due to strong fiscal management and no doubt the good luck of being tied to China. Our reputation as a global powerhouse that should be significant on the world stage was built and our nation respected when previously we had been the Crocodile Dundee of the world, a country from down-under, full of rednecks and kangaroos. But with the probability of the next week bringing our fifth Prime Minister in five years one has to stop and consider what the world might think now.
Could the world be wondering what the hell is going on down here?
Fiscal uncertainty is making so many people shake their head, including business leaders who have been left wondering, alongside international markets who seem to still feel Australia is a strong place to send their money. Do you think it is? Would you invest in today’s Australia?
“Sentiment and business conditions across states and industries are generally consistent with a ‘patchwork’ economy” said NAB Chief Economist, Alan Oster this week.
“A large depreciation in the AUD took place during the survey period in December and was reflected in firms’ responses to questions on AUD impacts,” his client note said.
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The lower Aussie dollar is still sucking in money from the global economy, but for how long if our spectacle continues? Can five Prime Ministers in five years be good for any economy? The Daily Telegraph proposes this weekend that we could be becoming the Greece of the Pacific!
2013 was a tough year for Australia as we battled through a political environment that saw business progress stand still and politicians argue over the leadership. Rudd, who was ousted by Gillard three years prior, ousting her back after she called an election nine months ahead of time, placing our country in political indecision limbo. Abbott took over with a landslide victory to the Liberals, that they appear to be squandering at a rapid pace, right when the country cannot afford it.
Today we sit with no Government in Queensland, a Federal Government that has pledged to vote for a spill next week, no candidate for Prime Minister (yet!), a dollar that is dropping like a stone, and fiscal uncertainty from a budget that was never passed last year.
What happens next? A fifth Prime Minister looks certain. What do you think people will think about Australia? Let’s talk about it!