The LNP should make up some debt trucks and print the following chart on the side for the looming election.
If there is a more damning picture of Jim “chicken” Chalmers’s economic mismanagement, then I have not seen it.
Real household disposable income per capita is the gold standard measure of living standards.
Look at it. It’s a catastrophe.
While other competing developed markets have suffered—particularly other immigration junkies in the UK, Canada and New Zealand—nobody even comes close to Jim Chalmers’s great depression.
RHDIPC has slumped 10% from the peak, most of it under Chalmers.
Chalmers’s tax and spend catastrophe has shunted Australian households backwards 15% versus American households in just three years.
It comes down to two massive Chalmers’ blunders.
First, he was too cowardly to tackle the war-profiteering gas cartel in 2022, which sprayed inflation everywhere for two years.
Second, he dropped an immigration bomb on the economy, destroying wage growth while triggering a housing shortage inflation shock.
The combination triggered steep interest rate rises that choked the private sector economy.
To offset this, Chalmers taxed and spent on a bottomless pit of inefficient and wasteful public services that pancaked productivity.
This is a nightmare economy for Australia’s highly leveraged households, and the scale of the damage done could rightly be described as Jim Chalmers’s great depression.
How re-election of this walking economic grenade is possible is beyond my understanding.
