Maintaining Australians’ standard of living is going to get harder and harder in the future as the ‘banana republic’ label re-enters the national conversation. Malcolm Turnbull, the new PM, may (should that be ‘will’?) not be able to retain that smiling face for too much longer.
Are his shoulders actually broad enough to hold up the economic burdens they are scheduled to bear for the country? Not if the pony in our one-pony economy, China, continues to slide into recession. And there are no other willing ‘nags’ to strap into the harness that I can see. I guess you and I, well, you, mostly (I have nothing much to lose), will have to take up the slack.
Any which way, it is going to be a bumpy journey on a bumpy road, from here on in.
This post inspired by: Australia Pays the Price for Depending on China
Canada is in much the same situation: Canadian dollar hits 11-year-low in its worst losing streak since 2013
But then, so is the rest of the world, as I intimated in a post earlier today: When Will The “Nothing Is Happening” Crowd Finally Wake Up?