The Australian economy is in a deep-seated malaise, according to Dr Andrew Leigh MP.
Dr Leigh is the Member for Fenner and Shadow Assistant Minister for Treasury and Charities.
He told our February lunch that since 2013, economic growth has slowed and wage growth is the worst on record.
“Household spending is growing at its slowest pace since the Global Financial Crisis,” Dr Leigh said. “Retail is amid its deepest downturn since 1990, with Harris Scarfe, Dimmeys, Bardot and Jeanswest among those to hit the wall.
“New car sales last year fell 8 percent, with fewer vehicles sold than at any time since 2011. Construction is now shrinking at its fastest rate since 1999. Business investment is at its lowest level since the 1990s recession.”
Dr Leigh proposes cultural, institutional and educational changes to reverse our economic torpor. Read his speech here.