Morrison’s government records 40 ‘worst ever’ economic results

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Recent economic data brings to 40 the number of failures in the economic management of Prime Minister Morrison and Treasurer Frydenberg, as documented by Alan Austin.

WORLD BANK DATA shows the value of manufacturing in Australia as a percentage of gross domestic product (GDP) was 13.83% when this data set started in 1990. It remained above 12% until 1999, when a decline began .

That figure fell to an all-time low of 5.64% in 2019, six years after the election of the Coalition on promises To “Revitalize the manufacturing industry”. The 2020 level was 5.72%, the second lowest on record.

The Australian Sovereign Capability Alliance reports that Australia now has the lowest manufacturing self-sufficiency of any Organization for Economic Co-operation and Development (OECD).

This brings to forty the results under the current federal government which are “the worst on record” or “the worst in a very long time”.

The top ten are listed here, with links to the raw data. The second ten is here and the third ten is here.

The manufacturing collapse was number 40. The dismal count continues.

Worst total construction collapse since records began

Australian Bureau of Statistics (ABS) shows the long-term upward slope of construction volumes in Australia reversed dramatically in 2015. For the first time since the record began in 1974, total construction has fallen for six of the past seven years. This is almost certainly the only time this has happened since Captain Arthur Phillip built the first colonial houses in 1788.

Construction 30 years F.jpg

Lowest investment ever in social housing

Of all the prime ministers over the past 30 years, Malcolm Turnbull and Scott Morrison have been by far the worst at building affordable homes for low-income Australians. As we have seen recently this is based on ABS the house begins and population The data.

AA Social housing by PM 1992 to 2021 F.jpg

The worst collapse in port infrastructure investments ever

The OECD tracks expenditure on transport infrastructure over time, including railways, roads, inland waterways and ports. Investments in all of these areas have declined significantly under the Coalition since 2013, despite urgent needs and large amounts of borrowing.

The pink graphic below shows port investment in 2018 was only 0.048% of GDP, a miserable tenth of the 0.48% allocated in 2012.

Port infrastructure November 21 Final.jpg

Worst inflation ranking ever

In the last financial year, the rise in inflation of 3.85% in Australia class 31st among the 38 developed countries of the OECD. This is the lowest ranking ever recorded by Australia. During the Keating years, Australia ranked first.

Lowest share of national income going to workers

Quarterly accounts reports show that workers’ share of gross national income hit an all-time low of 49% in June last year. This has been less than 51.5% over the past five quarters. The last time this happened was in 1964.