Scott Morrison delivers brutal assessment of the economy 36



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After campaigning on a promise to deliver a strong economic future for Australia, Treasurer Scott Morrison has handed down his honest and harsh assessment.

Mr Morrison is set to hand down three “economic headland” speeches in the coming weeks and will warn Australians that we are at risk of becoming complacent and destroying our 25 years of economic growth.

In parts of the speech obtained by Fairfax, Mr Morrison says Australia could be heading towards a recession and a drastic dip in living standards.

“I do not want my kids to know what a recession is and everything that goes along with that,” the speech says.

“I recognise that in the absence of a ‘recession we have to have’, or the threat of ‘becoming a banana republic’, achieving necessary change will be more frustrating and more difficult.

“But it is no less necessary, and achieving it this way is far better than the alternative.

“A generation has grown up not ever having known a recession, of seeing unemployment rates at more than 10 per cent, with one million Australians out of work or mortgage rates at 18 per cent or where inflation is actually a problem, rather than an aspiration.”

He asks taxpayers if they’re “up to the challenge of doing what we need to do to ensure another 25 years of consecutive economic growth?”.

While he has warned that we could be heading into difficult times, he is yet to announce how the government will deal with the issue and what changes will be made.

There is already speculation of more changes to super and welfare payments with many people asking how it’s all going to play out.

There are also fears from others on the other side that Labor will put up a fight and make it difficult to make the changes needed to avoid a recession.

Since the the government campaigned on the premise that Australians could trust them with the economy, we’d like to put this question to you…

Do you trust the government to keep our economy strong? Or do you think we are heading towards hard times?

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The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. meanwhile public servants get an extra $40,000 a year while carers live on 3.95 an hour

    1 REPLY
    • Most public servant haven’t had a pay rise in over 4 years and the offer given takes away most of the hard won entitlements. Offers are between .5 and 1 percent which is way less than inflation. Redundancies are riff across the entire service especially if you are over 40. I don’t know where you got your info but it’s wrong. Public Servants are going backwards so check your facts before you spread incorrect information.

  2. I would say that this rubbish is just a prelude to the Morrison and his cohorts trying to fleece ordinary Joe Blow Australians of more of what they might have. Meanwhile the politicians continue to enjoy their plethora of lerks and perks, overblown salaries, huge superannuation and pension benefits which they can help themselves to any time and even after they finish their parliamentary service, they end up getting some plush cushy job for the boys. They are full of the proverbial these guys.

    1 REPLY
    • Roger, I totally agree with your comments. Do not trust Morrison for a good economic future for Australia. He has already ruined that after selling Van Diemens Land Diary to the Chinese, also The jewel of Whitsundays, Daydream Island, South Molle Island and Lindemens Island prior to the election and nobody knew. Also Durack properties land 476,000 hectares, and this happened just this year alone. This was according to Alan Jones with the interview with PM a week or so ago. Also in March Morrison made all foreign owners register to be not for public viewing of knowledge. Also Alan Jones said there were Aussie interested parties for these and Morrison ignored them. Why, because they were getting more money for themselves. Corrupt Govt.
      What is this govt going to do, We have more unemployment since LNP took over and they think it is still 5.8% which is not as that most jobs today are only part time and you wonder what is happening to our country.

  3. Hitting struggling Australians continually, seems to be the mantra of the Liberal party.
    Public Servants are on easy street with almost guaranteed pay rises, and we don’t need
    to mention the entitlements of our government members. So how about looking elsewhere.
    This is the government it seems a lot wanted, well, now you have it. Spreading fear is
    a wicked thing to do and I can’t see how it can give confidence to anyone wanting to invest.

    2 REPLY
    • Its not fear, its reality. As a country we are spending more than we “earn”! Its alright for us over sixties, we’ll long gone by the time the country becomes another banana republic!

  4. In answer to the question, I think it will be only our government for us (the ordinary everyday Australians) into hard times because I believe as my previous comment stated that Morrison’s words are simply a prelude to fleecing ordinary Australians more and more, and more and more.

  5. This Castrati government just don’t have nous to get us back into the”black”.This scare tactic is a subtle but ongoing attack on the ALP, Malfunction Turncoat and his mob will blame the ALP when the Government fail’s in achieving it’s goal’s. I don’t vote for either party,but the coalition is a Joke,and a bad joke at that.

  6. I do not trust Morrison either bring back Peter Costello

  7. We all know how this government will attempt its budget repair – by taking from the most vulnerable in the community and giving to the wealth. That’s the way they roll. A pox on everyone who voted for them

    1 REPLY
    • I am with you,Elaine! The writing was on the wall for all to see!

  8. neo-liberals model is – tax cuts for the rich, deregulation for rich companies, and wage freezes for everyone else

    so – everyone else – get ready to tighten your belts – Morrison needs a new private jet !

    1 REPLY
    • And a new beach house or six !!!! 🐓

  9. I agree times are hard, but in a democracy we elect the people to govern. Instead of being so negative, why not give them a go ( the Aussie thing to do). We all know that the world is having financial struggles. It’s not just us so why blame Scott Morrison. We are a great nation. Let’s try to keep it that way. Most of you have never seen a depression & believe me when I say that you don’t want to. Avoiding depression you have to make hard decisions now. By the way, I’m an aged pensioner with no assets apart from an old car. If I can cop it you can too. I also didn’t vote for either labour or liberal.

    1 REPLY
    • I am a pensioner and did not vote for LNP/Labor but this mob is going to take us to a recession. Morrison has no idea what he is doing and you call this speech Honest. Rubbish. They are going to lose out on money for themselves. They need to look at stopping all Retirement pensions and perks for Politians. That would save a fortune.

      1 REPLY
      • You lot that are whinging about Morrison don’t have a clue about economics! You cannot spend your way out of debt. We all have to balance our books, you cannot live on debt forever. The greeks and a few other euro countries tried it, look at where they are now!

  10. Growth in the economy has been funded by debt of which the government has focused only on Growth.So now Scott Morrison comes out making statements about the economy as if it only needs to be addressed NOW ,when in fact the pathway has been set since the main players in contributing to the debt have been rewarded by Government policy and those that have not contributed to the mounting debt have been penalized, such as self funded retirees and others.

  11. Absolutely NOT, Secrey and deceptions,
    two of the biggest and best agricultural farms were sold to the Chinese before the Election , and Morrison refused to meet with serious Australian buyers, this only came out after the Election.
    And those silly stupid Pensioners, want more money to keep THEM alive even longer, how dare they!!
    And those people who we sent to fight some other Countries war for them, and came back home upset and angry because they lost an arm/leg,/or mind , and can’t get a job to look after their families, want to have their entitlements that were promised to them, brought up to date, who do they think they are, Polititions???
    And what about all the millions & millions of their money we give away for years to Countries that turn their backs to us, cos their people remain, hungry,homeless, while their leaders spend on private jets,,/etc.
    And don’t start me on the pay rises the public servants are getting?? They deserve it, they help us churn out the rubbish we put out there,
    To answer the question directly—NO,!! Do not trust them at all!!!

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