SWAN TALKING DOWN THE ECONOMY IS ALREADY AFFECTING BUSINESS
The Member for Berowra, Philip Ruddock MP said today that new figures showing economic conditions in Australia are slowing and workers are receiving less overtime. “Treasurer Wayne Swan is becoming part of our economic problem by talking down the economy and talking up inflation, when his job is to manage the economy,” Mr Ruddock said.
Philip Ruddock said “Since the Rudd Labor Government took over Australia’s $1.1 trillion economy, according to new figures by the Westpac-Melbourne Institute, overtime offered to employees reached negative territory each month from November 2007 and February 2008.
“Overtime is the principle measure of employment in this Index of economic activity, and the decline under Labor spells tough times ahead for Australia’s 2.4 million small businesses and their 4 million employees.
“We’ve already seen business confidence fall to record lows under the new Rudd Labor Government. Working families are feeling the brunt of this, receiving less overtime and less money to spend on essentials. At a time when grocery and petrol prices are sky high, we have a Treasurer talking down the economy and talking up inflation”.
The Westpac-Melbourne Institute Index also showed Australia’s annualised growth rate has dipped below its long-term trend, which suggests a further slump in economic conditions in the next three to nine months.
“This uncertainty under the Rudd Labor Government is likely to lead to a further decline in business confidence and place jobs at risk,” Mr Ruddock said.
“With small business facing uncertainty about Labor’s proposed changes to unfair dismissal, it isn’t surprising business confidence is falling faster than business conditions.”