While the media lies and distorts, Chalmers gets on with the job

Despite most actual data confirming sound economic management, Australia’s mainstream media continues to denigrate the Treasurer, reports Alan Austin.

*Also listen to the audio version of this article on Spotify HERE.

THE DESTRUCTIVE PATTERN of recent decades of misreporting Labor’s economic triumphs is returning with a vengeance.

Millions of Australian workers got the best news in over a decade this month when the Australian Bureau of Statistics reported that wages rose in the September quarter by 1.3%. That’s the second consecutive quarterly rise and the largest since records began in 1997. This brings the annual wage rise to 4.0%, the best since 2009 when Labor was last in office.

Yet somehow the Australian Financial Review depicted this negatively, with the headline:

‘Wages growth hits 14-year high, fuelling inflation fears.’

This has been the pattern since Whitlam’s day. On virtually all global economic tables, Australia’s rankings steadily rise under Labor. Then they inevitably tumble through the Coalition years. This cycle is never reported by local “news” outlets.

This is not true of foreign media and economic observers. They have hailed all Labor governments for their exceptional management since the 1970s.

Australia received two "world’s best treasurer" gongs in the last four decades, one of only four OECD members with multiple winners along with Mexico, Slovakia and the USA. These accolades were for Paul Keating and Wayne Swan, both Labor.

Friendlyjordies has published a list of 160 direct quotes from economists, national leaders, academics and others honouring the Rudd and Gillard governments as the only administrations that managed the Global Financial Crisis successfully.

This pattern continued this month, with local media ripping into the Albanese Government while authorities abroad doffed their caps.

News Corp denies Albanese Government any credit for success

Despite its many achievements, the Albanese Government is denied credit in the mainstream media, which turns every success into a failure.

Triple A credit rating affirmed

New York-based credit rating agency Fitch reaffirmed Australia's foreign currency credit rating at "AAA" with a stable outlook.

Its commentary was highly favourable:

‘Australia's rating is underpinned by the country's high income per capita and sound medium-term GDP growth outlook, as well as strong institutions and an effective policy framework... The recent outperformance of public finances relative to our earlier expectations further supports the Stable Outlook.’

This contrasts starkly with Coalition ratings downgrades. After two disastrous budgets from failed Treasurer Joe Hockey, S&P Global Ratings wrote this in 2016:

‘The negative outlook on Australia reflects our view that without the implementation of more forceful fiscal policy decisions, material government budget deficits may persist for several years with little improvement. Ongoing budget deficits may become incompatible with Australia’s high level of external indebtedness and therefore inconsistent with a “AAA” rating.’

Treasurer Scott Morrison’s 2017 Budget was no better, obliging S&P to continue the negative watch.

November news is all good

Australia’s progress reported so far this month has been impressive.

Achievements include, along with the wage rise and credit rating, these additional ten:

Goods exports for the year to June hit an all-time high of $590.9 billion. That’s 50% higher than the level two years ago.
The October jobless rate at 3.72% returns Australia to the OECD’s top 11. That’s up from ranking outside the top 20 for much of the Coalition period.
Hours worked per person per month – the best real measure of success in job creation – have been above 88 for the last 14 months. The last time that occurred was in 2008-09 under the previous Labor Government.
The employment-to-population ratio is still at the all-time high of 64.5%, the percentage first reached last November.
Government spending to GDP keeps falling as Coalition waste and rorts are reversed. The May Budget projected spending to September to be $166.4 billion. The actual outcome was $161.9 billion, a saving of $4.5 billion, in just one quarter.
Pursuing tax evaders is lifting government revenue. The May Budget projected total income tax revenue to the end of September to be $100.1 billion. The actual tax take was $106.3 billion, a gain of $6.2 billion.
The Budget deficit was budgeted to be $17.7 billion at the end of September, but came in at just $11.7 billion, a reduction of $6.0 billion.
Net debt at the end of September was $498.7 billion, down from $674.2 billion at the May 2022 Election. That’s a 26.0% reduction in 17 months.
The Albanese Government on 9 November passed laws against dodgy contracts, enhancing protection for small enterprises and consumers. Even The Australian welcomed this legislation (near the back, downpage, small print), stating ‘this week is time to celebrate the Albanese Government’s ban on unfair small business contracts’.
Tourism and business travel are booming again with more than 5 million short-term visitors arriving from January to September this year. That’s up from 2.1 million in the same period last year and just 148 thousand in 2021 during COVID.

A Liberal history of irresponsible economics

How much better will the economy be under Morrison and Frydenberg?

Mendacious headlines increase

That impressive dossier has not staunched the flow of malicious misinformation from media outlets who want to convince voters the economy is crumbling.

Recent headlines, many targeting the Treasurer personally, include:

‘Chalmers shares blame for inflation, poll finds’ (AFR)
‘Sharp drop in Australia’s economic competitiveness’ (AFR)
‘Be wary of Chalmers’ socialism in a green mask’ (Murdoch tabloids)
‘Australia records biggest income decline in the developed world’ (AFR)
‘Chalmers misleads on Labor misery’ (Daily Telegraph)
‘Angus Taylor says Labor has breached trust with "reckless" superannuation changes’ (The Guardian)
‘Things are sticky: Inside Labor’s horror week’ (AFR)

There is a solution. Citizens should boycott all mendacious media and support alternative news and opinion outlets that report fearlessly and accurately. That’s if they want wage rises, fairer taxes, secure jobs and debt reduction to continue.

*This article is also available on audio here: