Key indicators echo the second half of the 1970s when Australia was a second-rate, over-regulated and over-protected economy.
Not so golden years: The big-spending Whitlam Labor government blew itself up amid the collapse of the post-World War II Keynesian consensus born out of the 1930s Depression.
Jim Chalmers’ pre-election budget speech reckoned Australia’s economy was “turning the corner” and that “growth is picking up”.
Yet, while the inflation landing may be soft, the recovery out of it is actually likely to be hard, as in difficult and disappointing.
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Original URL: https://www.afr.com/policy/economy/the-current-moment-feels-like-the-1970s-not-in-a-good-way-20250527-p5m2k6
