The Reserve Bank of Australia left interest rates on hold on Melbourne Cup Day, dashing the hopes of 47 per cent of households hanging on by their fingernails.
According to comparison website Finder, 47 per cent of households are struggling with mortgage repayments, and an equivalent of 1.3 million mortgage holders would have to cut back further if the RBA doesn’t cut rates.
The major political parties’ economic policies from the 1980s onwards smashed Australian manufacturing, which shrank from 20 per cent of GDP in 1980 to barely 5 per cent now. But then came the COVID-19 pandemic, and the severe disruption of global supply chains. Suddenly every politician started complaining that Australia was too dependent on imports, and that we had to revive domestic manufacturing. Or they were in 2020.
The Senate Economics References Committee inquiry into Australia’s manufacturing industry is accepting submissions from the public through to its 10 September closing date. This provides an opportunity for citizens to explain to politicians why it’s so important to revive the manufacturing industry from its current state of tragic decline.
