It is not just Europe that has a bad time to look forward to.
The Federal Budget has just been handed down a couple of days ago and Australians are facing a bleak couple of years, with Treasury forecasting sustained high living costs and declining real wages. Real wages will not start to grow until 2024, when unemployment is tipped to have increased 1 per cent to 4.5 per cent.
The budget is tipping electricity prices to increase, on average, 20 per cent by Christmas and a further 30 per cent in the next financial year.
The budget forecasts inflation will peak this year at 7.75 per cent in late 2022 before dropping back to 3.5 per cent by June 2024.
$2.4 billion is being cut from public hospitals over the next four years
The main new announcement in the budget is a new accord struck between governments, investors and industry. It will seek to build 1 million new homes over five years, starting in 2024.
Australia will not be back in surplus any time soon. Over the forward estimates to 2025-26, the underlying deficits will total almost $225bn. Painful, but not as bad as the $342.4bn deficit projected a year ago for the years out to 2024-25.
In the short term life is going to be tough but at least it doesn’t look like there will be a recession but it looks like the world is in for a tough time in the foreseeable future.
I understand these are difficult times, But, why is it always more difficult for some than for others? Whilst those that are the least able to afford it suffer, others seem to make enormous profits. It’s almost like it’s all engineered/planned to make the stinking rich, strikingly more rich. Ok! it’s not almost, it definitively is, as it always is. (Fatherless little sweeties)
I have never made any post decrying the UK leaving the EU, whether the UK stayed or left the EU doesn’t affect me so there would be no point.
However I have said that there is no evidence of any benefit due to leaving, I have said that with hindsight the UK wouldn’t have picked to leave when it did (Ukraine war and Covid) and I have said that I voted “No” in 1975.
How that is in any way relevant to the economy of Australia I have no idea but I would be interested in hearing your analysis of how Britain leaving he EU affected Australia’s economy.
The current crisis is worldwide (as per thread title) some countries however are affected more than others, It might well be that Britain has been affected slightly more because of Brexit but Brexit hasn’t affected the rest of the world.
Well, if you can’t see the connection with the UK leaving the EU and Australia cancelling Neighbours, there’s not really much we can do to help you.
Alas no matter how desperate you are to get rid of them they still have to pay $510 for a Backpacker visa for one year. We ain’t cheap, no more ten pound poms.
