MacroBusiness
Access Subscriber Only Content
Former Queensland ALP senator, John Black, gave an insightful interview on
ABC Drive, where he explained why the collapse in immigration will lead to higher wage growth for Australian workers – something the Reserve Bank claims is vital to fueling the economic recovery:
Interviewer: “Is it correct that Australia’s economic growth has majorly come from immigration rather than internal productivity improvement”?
John Black: “There’s no doubt that the majority of the growth, which is termed often by economists as ‘lazy growth’, has been from migration. It’s increased the size of the economy, but hasn’t increased the per capita income. So people see the economy getting bigger, but they don’t feel like they are better off”.
Save
Share
âWe make no apology for giving you a budget which will entail sacrifice,â concluded the Menzies governmentâs Treasurer Arthur Fadden in September 1951, less than two months after
The Australian Financial Review started publication.
But Sir Arthurâs punishing tax assault on households and businesses was not well received by Australiaâs upstart first national newspaper.
âFADDENâS DISASTROUS BUDGET FOR 1951-52,â screamed its page one headline.
Sir Arthur Fadden arrives at Parliament House to deliver the federal budget aiming to rein in a runaway economy.Â
Harry Martin
âNo more disastrous series of financial proposals can ever have been presented to Parliament than the Budget for 1951-52,â thundered the