In today’s American Spectator, Acton’s director of research Samuel Gregg discusses the ousting of former Australian prime minister Tony Abbott and what that means for the Australian economy and beyond.
Gregg points out that the Australian economy “is on the brink of substantial economic regression.”
What’s especially worrying is the across-the-board decline in Australia’s economic productivity: something long masked by the resources boom but now more visible than ever.
The basic problem, however, that lies at the root of what the best commentator on Australian politics, Paul Kelly, describes as ‘the Australian crisis’ is ‘the intersection of a corrosive political culture and the need for hard and unpopular economic repair. (more…)