Even prior to the COVID-19 pandemic economic growth within Australia has been decaying for decades despite:
- The best efforts of both sides of Government
- The best efforts of the RBA
- Significant increases in household debt &
- Consistent population growth
With an increasingly aging population, household debt maxed out and interest rates at all but 0%, all the money currently being given to the market should be enough to turn it around but it isn't.
So a new direction is needed to avoid:
- A decaying way of life if GDP per Capita falls
- Retirement savings degrading for those retired people compounding decreasing spending
- Terrible economic environments for younger generations
- A catastrophic distrust in the value of money
- Or worse, national weakness thanks to a crumbling, heavily indebted economies
N.B. Sadly this should be a complete doomsday scenario list but it is looking less and less crazy by the day for Australia given the current economic fundamentals.
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