> ## Content Index > Fetch the complete content index at: https://goodoil.news/llms.txt > Use this file to discover other available public pages before exploring further. # Here We Go Again… - URL: https://goodoil.news/here-we-go-again-8/ - Published: 2023-06-01T02:30:00.000Z - Updated: 2023-05-31T07:03:45.000Z - Author: Cam Slater - Tags: AUS Politics, Economy, Politics, #wp, #wp-post, #Import 2024-07-16 22:22 As I [wrote yesterday](https://goodoil.news/albovilles-are-here-to-stay/), if we’ve just seen the economic peak, how much worse are things going to get? Well, we’re getting an idea, now. And it starts with an “R”. You know the word I mean. > The dam has burst. Suddenly, in the last two weeks, large areas of the retail trade have turned down sharply. It’s not just the last two weeks, though. > The ANZ-Roy Morgan Consumer Confidence has now spent thirteen straight weeks below the 80 mark — a clear warning of trouble ahead. > > The last time the consumer confidence index spent at least thirteen weeks under 80 was during the 1990-91 recession — the recession which then treasurer, **Paul Keating**, described as “the recession we had to have”. We didn’t “have” to have it then, and we sure as hell don’t deserve it now — but it’s what we’re looking increasingly likely to get. Big surprise, it’s being brought to us by another Labor government. > In some areas, the decline is between 15 and 20 per cent. Combine that with the latest catastrophic fall in building approvals, and the long-awaited acceleration in the downturn is now fully underway. > > [The Australian](https://www.theaustralian.com.au/business/longawaited-acceleration-in-the-downturn-is-now-fully-underway/news-story/bb8b4ca7165a01bcc78010d46ad63f9b?ref=goodoil.news) Everywhere you look, the numbers are getting ugly. > Inflation accelerated to nearly 7 per cent in the year to April in a surprise result as motorists saw higher petrol prices driven in part by the restoration of the fuel excise. The rise in fuel prices was a wholly foreseeable result, given that the Morrison-era cut in fuel excise expired in October last year. But the real killer blows are a double-whammy of a persistently brutal housing crisis, and a Labor government whose budget rewarded the leaners and bludgers while belting the productive middle class for six. > When the federal budget came out, a series of low-income people were given aid. But those in middle Australia, the wealth creators, were given nothing and told to suffer because “you are affluent”. It was a cruel blow \[…\] > > The challenges facing renters also intensified with rental prices across the nation climbing by 6.1 per cent in the year to April compared to 1 per cent a year ago, the ABS data showed. A perfect storm of low vacancy rates and a record surge of immigrants has made it increasingly hard for renters to find affordable property. > > [The Australian](https://www.theaustralian.com.au/business/economics/monthly-inflation-up-as-rba-looks-to-keep-rates-on-hold-in-june/news-story/8c77f9cef00d65369b791158e5fc48f6?ref=goodoil.news) And the socialist “dictator” of Australia’s second-most populous state is sticking the boot into already brutalised renters, in order to try and patch the budget black hole created by his Kim-esque obsession with grandiose projects. > Recently, the Victorian government decided that renters should be given an extra kick with a “rent tax” levied via a landlord tax. And an “educational tax” was levied on middle income Victorians (by taxing independent schools) who want to give their children a better education. Both those measures will increase inflation in Victoria. > > [The Australian](https://www.theaustralian.com.au/business/longawaited-acceleration-in-the-downturn-is-now-fully-underway/news-story/bb8b4ca7165a01bcc78010d46ad63f9b?ref=goodoil.news) At the same time, government debt in Victoria is [four times what it was under Cain and Kirner](https://goodoil.news/not-even-cain-screwed-victoria-like-this/). Gosh: the national economy is collapsing under a socialist Labor government, and Victoria is collapsing under a socialist Labor government. It’s the 90s all over again. Just as well I’ve still got plenty of flannel shirts. [If You Like What You Just Read,Click Here to Become a Member and Directly Support This Author.](https://thebfd.co.nz/subscription-plans/?ref=104) [If you enjoyed this article please share it using the share buttons at the top or bottom of the article.](#)