Australia’s economy is ‘grinding to a halt’: Jane Hume

Shadow Finance Minister Jane Hume says Australia’s economy is “grinding to a halt”.

The Reserve Bank is expected to keep the cash rate steady at 4.35 per cent after its meeting this week.

Some economists have predicted a rate cut around February next year if inflationary pressures are brought under control.

“Essentially, the economy is grinding to a halt,” Ms Hume told Sky News Australia.

“Of course, the thing that really is keeping us in positive territory is high levels of immigration.”

[ianpickett]

Left Wing Socialism and Positive Productivity ???? Not possible .

[donendusted]

Thank you, Labor. Nothing but a party of losers.

[JohnHoyle]

If the Prime Minister has ALP next to their name, then yeah the country's up the creek without a paddle.

[pbee]

Great with the deliberate over supply of migrants makes it worse, it will just drive prices up....

[MaccaVB]

Aside from inflation, taxes and power costs the single biggest cause of low economic productivity is housing. No one is investing in the economy anymore because housing is more lucrative and less risk. Why would I invest my money into a new business or venture or startup or even a new house and take on risk, red tape, inflation and power costs when I can simply invest in a bunch of established homes, keep them for 12 months or so and reap a profit of 20% p.a. with 50% reduced capital gains for doing virtually nothing. No company tax, reduced income tax, no wages to pay. How good is that? Many wealthy property investors and business hire people to source properties for them for this purpose. It has become a niche side hussle for many people. When housing is trreated like a commodiity it is no longer fit for purpose. Australia's economy is a joke and hanging by a threat. We are a two trick poney. Mining and property. If either of these decline then Australian economy is doomed. Most of our exported mining is bought by China. If China colllapses then so does Australia. The housing crisis has worsened and become so entrenched like a cancer in the economy that the government has no choice but to keep feeding it to avoid an economic disaster if prices were to crash. Our stupid govenrment have created a massive economic problem that has put Australia's economy one very thin line. This has been caused by decades of lazy and unsustainable immigration with zero planning for infrastructure to cope with the mass population Ponzi scheeme. Am I the only person who see this?

[mattmacca]

Grinding to a halt…. Especially if the sun isn’t shining and it’s not windy…

[anitacohen]

Commonwealth Bank of Australia raised its cheque withdrawal rate, for customers, from $15 to $30 per cheque. A 100 % increase in one

[greatape]

Yeah, we should drop rates to zero again, and print another $400 billion.

[형이그냥좀참아]

Every business owners! Hold tight and survive, brothers. One more year

[ediddysmith]

Why do they do what ever the world economic forum tell them?

[rockpadstudios]

I am surprised people don't realize that lowering the rates makes inflation rise. They printed way too much money.

[michelleryan]

VOTE HIM OUT! ENOUGH.. if they really wanted to help the average Australian that is struggling with costs of living, forget the $300 energy rebate (which you pay for with increased tax anyway.. scrap the double tax both Federal & state on our fuel!

[samopalvampirenvonbutlegin]

The economy has zero self-sufficiency. Practically everything is imported.

[tedrobertson]

Sky News
What has gone on in the UK ? U r mute on UK protests ! Why?

[schuey]

i used to have 7 girls working in my little café, i now have 2. Well done Labor, they really enjoyed there wage increases.. what a joke! :(

[JarrodFisher]

Real wage decrease doesnt do much for productivity. Bit demoralising!!

[harrysmith]

One of the reasons Australia economy grind to a halt is sharp decline of China investment into Australia: China investment into Australia used to be 18 billion per year. Now it drop to 1 billion last year.

[nt]

The UK and Canada are lowering rates as the economy slows when will we

[Xrpwhiskers]

It’s not we fill poor . It’s a fact we lost 30% of buy

[MARILYNABBERTON]

But albo has a degree in economics, and the treasurer studied under wayne swan a former labor treasurer. They only know the economics of the brown paper bag their union buddies use.