tory Economic failure

During the tory governments misrule;

"Australia's productivity tank has run out of gas. Australia has lost one-sixth of its market share in manufacturing and service exports - its WORLD market share. $6 billion has been wiped off manufacturing exports in the last three years." - HEATHER RIDOUT, AUSTRALIAN INDUSTRY GROUP ABC Four Corners

Hence we borrow to buy the things we want. Nations that continue ot do that get punished by the global markets, eventually.

"It means that we're going to find declining per capita wealth generation in Australia. We're going to have slow economic growth, we're going to lose compebreastiveness against our Asian neighbours. For example, in manufacturing, China is setting the world price for our industry. We have to keep reducing prices, not putting them up. We have to absorb huge cost increases. And if we haven't got productivity to generate the capacity to do that, we simply will have to shed jobs and investment will leave Australia."

"Labour market specialist Professor David Peetz has done a four-year study of individual contracts, to be released as a book breastled 'Brave New Workplace'. A highly respected IR academic, Professor Peetz's work is often cited by the unions as supporting their cause. He's closely studied the government's reforms.

What the changes will do is they will lead to the loss of penalty rates, the loss of overtime. That isn't the same thing as increasing productivity. What that does is increases profits. But it doesn't mean that if you cut somebody's penalty rates that for a waitress in a cafe, that she's carrying more plates per hour out to the restaurant. It means that she's just getting paid less for it. So people talk a lot about this being about increased productivity but it isn't actually increasing productivity, it's increasing profits."

As for competing with China and India...

"It doesn't matter how much you cut penalty rates. It doesn't matter how much you cut overtime rates. It doesn't matter what you do to flexibility of working hours, what you do to wages. You're never going to be able to compete with China and India on wages, on labour costs, it's as simple as that. The way you compete with these countries is you compete on skill, you compete on innovation, you compete on quality. What are these changes going to do to promote skill, innovation and quality? - PROFESSOR DAVID PEETZ, SCHOOL OF BUSINESS, GRIFFITH UNIVERSITY:

Professor Peetz's research shows collective bargaining delivers higher productivity growth than individual contracts.