[Opinion]: Has Neoliberalism Had Its Day?
November 24, 2021 | By Christian Brown | In #THEPLACARD
Neoliberalism has been coping with a lot of flak mid the Covid-19 crisis, creating savage mayhem on the lives of working-class and poor people globally. Not just in the form of the virus itself but also in the economic crisis accompanying it, not seen since the Great Depression of the 1930s. I feel Australian voters have reached a turning point, to decide whether to re-elect the Federal Liberal-National Coalition government or reject their neo-liberal ideology. The thing is the election will most likely be decided by swing voters who need to be informed of the economic policies of neoliberalism, which has seen the rich grow richer, and the poor grow poorer, now entrenched with expeditious globalization of the capitalist economy. Now before those rusted-on Liberal and National voters head off to lodge their vote at the pre-poll ballot, they should pause for a moment and consider how will another 4 years of neo-liberalism affect them. After all, The main points of neo-liberalism include:
- THE RULE OF THE MARKET. Liberating “free” enterprise or private enterprise from any bonds imposed by the government (the state) no matter how much social damage this causes. Establish free trade agreements, reduce wages by de-unionizing workers and eliminate workers’ rights that had been won over many years of struggle. Australians will remember former Federal Finance Minister Matthias Corman being unperturbed by the findings confirming, limiting wage growth is a design feature of economic policy.
- No more price controls. All in all, total freedom of movement for capital, goods, and services. Convincing the voter this that an unregulated market is the best way to increase economic growth, ultimately benefiting everyone.” Sadly Federal Treasurer Josh Frydenberg has embraced Reaganomics, announcing a policy of business tax cuts and tax cuts for the wealthy to drive employment growth and economic growth The Trickle-Down economic policy of the government has not worked as intended. Research on tax cuts has failed to provide a definitive answer to verify that cuts have improved economic performance (https://thefederalist.com/2014/12/10/debunking-the-debunking-of-dynamic-scoring-and-the-laffer-curve/)
Prime Minister Scott Morrison believes economic recovery will be achieved, by deregulation needless, disproportionate, and inefficiently implemented regulation and to improve the ease of doing business. For nearly three decades before COVID, Australia’s economy underwent microeconomic reforms, including deregulation. Australia is now facing a COVID economic downturn, with new private business investment falling by 3.5 per cent in the quarter to be 5.5 per cent lower through the year. Average annual productivity growth has also been slowing, with other deregulatory measures to be announced closer to Budget and on Budget night. Further, announcing some additional important measures as part of our deregulation agenda. I believe this announcement, was obfuscation and nothing more than appearing to do something and a distraction to his claim of Saving time and money
The Federal Coalition has sold off state-owned enterprises private investors, usually done in the name of greater efficiency the 99-year leasing of the Port of Darwin to Chinese investors in 2015 is a case in point, with ultimate responsibility resting with then-Treasurer and now Prime Minister Scott Morrison. Even with freshwater, more than 1,800 gigalitres of foreign-held water entitlements is within the Murray-Darling Basin, which is 9.4 per cent of the total Murray-Darling Basin water entitlement on the issue. The findings show the majority of foreign-held water entitlements are in the Northern Basin and the Southern Basin. Much of the public angst about foreign investment is linked to concerns over state-owned enterprises buying Australian water entitlements. The register, compiled by the Australian Tax Office, shows one in 10 water entitlements is owned by overseas interests.
The Federal Coalition is keen to put the onus of responsibility on individuals regarding their education, healthcare care and has labelled those on social security benefits as lazy. The opposition has condemned the government’s decision to shrink the agency, running Centrelink and delivering welfare payments to 1.5 million Australians in the pandemic. Budget papers reveal Services Australia is set to lose 800 staff next year. Senator Gallagher has pointed to the government’s self-interest re- Prime Minister's Department, with the Prime Minister’s home state of NSW receiving a bigger share of pandemic support than other states. Does the federal government have double standards?
With the federal election looming, Australians are at a crossroads whether to return to neo-liberal government to power or elect the Labor party, committed to saving Medicare, establishing a National Anti-Corruption Commission, fixing Australia’s aged care system, protecting workers from wage theft and putting an end to the Indue card